Surge in Gambling Revenue Shakes Lithuania in 2023
In the latest reports from Lithuania, the Gambling Supervision Service under the Ministry of Finance has announced the results of the gambling organizers’ activities in 2023. It appears that gambling has experienced significant growth, with a 13.5 percent increase compared to the previous year. These are revelations that are sure to make waves in the country’s gambling industry.
Rise in Revenue from Gambling Activities
In 2023, gambling activities were organized by 12 different companies. The total revenue from gambling amounted to an impressive 222.2 million euros, representing a growth of 13.5 percent or 26.4 million euros compared to 2022.
The breakdown of revenues in 2023 looked as follows: 73.8 million euros came from land-based gambling venues, while 148.4 million euros were generated from online gambling. Data as of December 31, 2023, showed that 9 companies operated in the online gambling sector, while 9 companies offered land-based gambling services. Revenues from online gambling witnessed a remarkable 22 percent increase (26.7 million euros) compared to 2022, while revenues from land-based gambling decreased by 0.4 percent (312.2 thousand euros).
Results of Lottery Organizers
Based on data from the end of December 2023, three companies were responsible for organizing major lotteries in the country. In the year 2023, lottery tickets worth a total of 141.2 million euros were sold, marking a 4.4 percent increase compared to the previous year. Winnings in lotteries amounted to 74.9 million euros. In 2023, a total of 66,996,900 euros in lottery and gambling tax were collected for the Lithuanian budget. Major lottery companies contributed 23,282,746 euros, while gambling organizers paid 43,714,154 euros.
Summary and Commentary
The surge in revenue from gambling and lotteries in 2023 is surprising and may indicate the growing popularity of these forms of entertainment in Lithuania. However, the decline in revenues from land-based gambling may be a cause for concern for some companies. The increase in revenue to the country’s budget is a positive sign, as it helps finance various social projects and programs.
It is worth noting that the rise in online gambling aligns with a global trend where players are increasingly opting for online gambling options. As technology continues to advance, further growth in this industry can be expected in the future.
The gambling industry in Lithuania appears to be on a promising path for further development, but regulations and control remain crucial to ensuring fairness and safety for players. We will continue to monitor this situation and report on any changes in the country’s gambling industry.