Latvia Gambling Industry Improved in 2023

Latvia Gambling Industry Improved in 2023

The Latvia gambling industry earned 288 million euros in 2023, an increase of 9 percent from the previous. However, it should be noted that casinos were closed in the first two months of 2022 due to the pandemic.

In last year’s gaming industry, online gambling accounted for 47.6% of the income, while onsite gambling businesses, including amusement arcades, casinos, and sweepstakes, only managed 52.4%. According to online gaming news reports, this trend showed a significant trend in the industry, as onsite gaming accounted for 80.4% of the Latvian gambling market’s revenues in 2019.

As of December of last year, three casinos, nineteen hundred and forty-four arcade games, one bingo arcade game, and seventy-six betting venues were operational in Latvia, according to the most recent statistics.

The gaming hall sector employed a total of 2,722 individuals; 79 (40.7 percent) of these halls were in Rīga, 52 (26.8 percent) in the six biggest cities and 63 (32.5 percent) in 31 towns around Latvia.

According to gambling industry news reports, taxes totaling 45.57 million Euros were paid to the state, 3.3 million Euros were paid as a charge (license fee), and 1.415 million Euros were given to the budgets of local governments as gaming taxes. Merchants’ other tax contributions totaled 44 million Euros for the state coffers.

Latvia Gambling Industry Revenue

Latvia Gambling Industry Improved in 2023The 2023 war against unlicensed interactive gaming sites resulted in the blocking of 317 illicit sites associated with domains established by 11 legitimate businesses. By the end of 2014, 3,375 domains had been successfully blocked.

A total of 58,017 individuals have utilized the self-withdrawal registry, while 31,692 have been banned from gambling and interactive lottery. In the last year, 17,428 people have been added to the Register of Self-Rejected Persons, with 5,942 people now banned.

Similarly, as of May 20, 2021, anybody whose name is on the Maintenance Guarantee Fund Register and who must pay alimony has been prohibited from gambling and interactive lotteries. Roughly 10% of those on the fund register requested admission to the gambling area but were rejected.

Anyone struggling with compulsive gambling or whose loved ones are addicted can seek out free psychological counseling. For 2023, the inspectorate conducted 849 in-person consultations, 223 via remote means, 2,522 over-the-phone consultations, and 203 via email.

In other gambling news, the US gambling industry voiced their opposition to the sports betting excise tax. They said it would be an added burden on companies.

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