Latvia Loving Q1, Says State FiguresPublished May 25, 2019 by Lee R
A small nation in Eastern Europe made a huge splash in iGaming year-on-year for Q1.
Latvia is showing some robust growth for the new year.
The Market Spike?
In fact, double digit rises in all verticals pushed the Latvia online gambling market up 35% in Q1 2019.
The 35.4% growth was complemented by combined revenues topping €12.3m (£10.6m).
More Promising Gains
More robust new figures released by the Lotteries and Gambling Supervisory Inspection of Latvia (IAUI) reveal a 39.2% year-on-year rise in gross gambling revenues on the part of online casino gaming contributed €8.8m during the first three months of 2019.
The IAUI figures hold to recent trends to confirm ongoing prognostications of Latvia growth, amounting to an overall jump of 15.3 percent year-on-year turned in Q1 2019, with income increasing across the board as further confirmed by the gambling regulator.
Key revenue bumps include the 15% year-on-year jump in gambling operations to €77.5m (£66.9m/$87.2m) from €67.2m for Q1 2018; and a 15.9% bump in gambling income from €63.5m to €73.6m.
Gaming Machines for Punting
Other key indicators include the preferred use of gaming machines for betting in the eastern European jurisdiction, with licensed operators grossing €56.4m in revenue from gambling machines for a 12.8% increase from the €50.0m of Q1 2018.
Smaller Verticals Strong
Roulette and blackjack turned in a robust €3.9m contribution for a 6.4 percent year-on-year increase, with bingo income recording a 44.8% rise to €73,000, supplemented by a robust 55.2% betting points rise to €848,000.
Online Gambling Revenue
Latvia's overall online gambling market was bullish as well, also grew significantly, turning in a total income of €12.4 million for a 35.4 percent year-on-year increase.
New Legislative Waters
The market will be tested by new legislation set to take in effect. Passed last April, local players will be prohibited from placing wagers at overseas online casinos and gambling websites, with unlicenced offshore operators prohibited from offering product or play from Latvians.
Another environmental impact about to be seen comes from impending closures of virtually all capital city Riga's land-based gaming halls, with other major principalities considering following suit.
With scarcely more than a handful of licenced operators of not more than 14, the Latvia market retains room for growth that could stimulate more expansion in the online sector to make up for the supply vacuum that land-based closures will create.