![]() Latvian authorities are steadfastly implementing stringent regulations to combat this burgeoning issue. Government Takes Aim: Enforcing Stricter Regulationsĭespite the challenges of illegal gambling, the future outlook is optimistic. If properly harnessed, these funds could bolster public services and support the nation's development. The gravity of the situation becomes even more apparent when considering the impact on the state budget, which foregoes an estimated €3 million in tax revenue annually. In 2021, these unregulated platforms raked approximately €33 million, undermining the legal sector's revenue potential. Illicit online gambling sites have surreptitiously carved out much of Latvia's gambling market. Unveiling the Hidden Menace: The Surge of Illegal Online Gambling However, amidst this prosperity, a formidable challenge persists: the encroachment of illegal gambling sites. The growth trend is already evident, with the market achieving €109 million in gross winnings in 2021 alone, representing an annual growth rate of 26% over the past three years. RIGA, Latvia, J(GLOBE NEWSWIRE) - SIA Player Media: As Latvia's legal online betting and gambling market continues to flourish, industry experts predict a substantial gross profit of €172 million by 2025.
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