Land-based revenue also increased, by 172% to €53.8m. This dramatic result can be largely explained due to ending of 2021’s Covid-era pandemic restrictions which led to closures at gambling venues, including slot parlours, totalizer points and casinos, for a number of months.
Since those restrictions ended towards the earlier part of the year, comparing just the three-month period ending 30 September shows that revenues grew 15.1% year-on-year – a result much more in line the figures for online gaming.
Strong recovery in the land-based segment in the wake of post-Covid lifting of restrictions is a repeat of the dynamic which occurred in Lithuania’s H1 results, when total revenue increased 66.0% to €89.3m.
In total, combining the two verticals, revenue rose 47% to €139.8m for the nine-month period, an increase of €45m.
Meanwhile, lottery ticket sales increased 2.9% in the period, rising to €97.5m in revenue. Of this, the operators paid out €57.4m in winnings, leaving a remainder of €40.1m. €3.2m or 5.8% more winnings were paid out in winnings in 2022 than the previous year.
Lithuania enforcement action
Lithuania’s Gambling Supervisory Authority, the country’s regulator, has cracked down on a number of non-compliant operators during 2022.
Most recently, TopSport received two fines in quick succession for failing to have properly install a digital recording system at two of its retail betting facilities and for allowing players from outside the country to illegally gamble remotely using its platform.
In both cases TopSport were fined €15,000.
The regulator has also strictly enforced a wide-reaching ban on gambling promotion, deeming informational text on operator websites and even a terms and conditions email to be breaches of the law.
Original article: https://igamingbusiness.com/finance/quarterly-results/lithuania-online-revenue-up-15-year-on-year/
