Latvia Q3 2024: iGaming Revenue Up 14.2% as Land-Based Sector Declines

Latvia's gambling industry generated €220.46 million in gross gaming revenue during the first nine months of 2024, representing a 2.9% year-on-year increase, according to data released by the Lotteries and Gambling Supervisory Inspection (IAUI).

Online Gambling Dominates Market ShareInteractive gambling continues to drive growth, contributing €113.83 million or 51.6% of total revenue—a 14.2% increase compared to the same period in 2023. However, IAUI Director Signe Birne noted that Q3 showed a slight quarterly decline, reaching only 97.6% of Q2 figures, potentially due to seasonal variations and increased responsible gambling awareness among players.

Land-Based Sector ContractsThe slot machine segment generated €96.06 million, down €8.74 million year-on-year. The number of gaming machines decreased by 424 units to 4,676, while gaming halls reduced by 12 to 182 venues. Latvia currently operates just 2 casinos with 28 table games, which saw revenue increase 6.8% to €8.59 million.

Pending legislation could further reduce slot machine and gaming hall numbers as part of the 2021-2027 gambling policy guidelines.

Market Structure and Tax RevenueThe market comprises 19 licensed operators: 17 offering online gambling, 6 operating land-based venues, and 3 running betting shops. The sector employs 2,707 workers.

Despite revenue declines in some segments, tax contributions increased significantly. Operators paid €43.94 million in special gambling taxes—€7.43 million more than 2023—driven by tax rate increases on slots, table games, and online gambling effective January 1, 2024.

Enforcement and Responsible GamblingIAUI blocked 236 unlicensed gambling websites and conducted 22 inspections of telecommunications providers during the period. The regulator's self-exclusion registry now contains 71,516 individuals, with 34,974 active exclusions. Demographics show 97.4% are male, with 40% aged 20-31 years.