Significant increase in internet gaming more than made up for a fall in land-based gaming in 2021, causing a 19.8% loss in Latvia's gambling revenue.
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A total of €128.0m came in from gaming. With a 91.8% increase, online gaming accounted for €109.0m in total revenue in 2020, nearly double from the previous year.
More than doubling its revenue from 2020, online casino games contributed €87.8m of the overall igaming revenue. The totalisers, which use a pari-mutuel system to tally up bets, contributed €19.4m, an increase of 47.7 percent from the previous year. Up 98.0%, online card games brought around €1.7 million.
There are thirteen companies in Latvia that have obtained the necessary licenses to provide an online gambling experience.
The COVID-19 pandemic has altered the gaming industry, according to Lotteries and Gambling Supervision Inspectorate chief Signe Birne.
"Last year, the amount of revenue decreased significantly and the share of gambling types in the total turnover of the industry changed, due to restrictions imposed by COVID-19," Birne informed.
Revenue from gambling machines was €17.2m in 2021, down 18% from 2020. There is a 109.0 million euro increase in revenue from interactive gambling compared to 2020.
The Inspectorate enforced anti-money laundering and anti-terrorist financing regulations throughout 2021 to safeguard the online gaming industry as its user base grew.
A number of unlawful websites were also barred from Latvian clients by the Inspectorate. In 2021, 735 domains were blacklisted, which represents a 34% increase from the previous year.
A total of €17.1m, a decrease of 82.0 percent from 2020, came from gambling machines in land-based gaming. Table games, including blackjack, roulette, and baccarat, contributed €1.5m, a decline of 70.5%.
Bingo halls lost €2,000, down from €121,000 the previous year. Revenue from betting terminals fell 84.3% to €245,000.
Latvia implemented measures to prevent the spread of the COVID-19 pandemic, which included the closure of land-based institutions such casinos and gaming halls from 9 November 2020 to 15 June 2021.
A total of 305 gambling halls were open for business nationwide prior to the lockout. This figure had dropped to 208 by October 2020.
In 2020, during the beginning of the epidemic, the Latvian government similarly imposed a temporary ban on internet gaming.
With revenues of €42.2m, the third quarter was the most profitable for Latvia in terms of GGR. While €29.4m was accumulated in the second quarter, €40.7m was made in the fourth quarter. With a GGR of €26.4m, the first quarter of the year was the most unsuccessful.
