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The online gaming news site says the amendments that received the first reading in the Seimas and subsequent first vote of approval would establish fully remote online gambling licenses. The iGaming concessions would cost \u20ac1 million (US$1.17 million), plus an additional cost depending on the operations the application is seeking.<\/p>\n<\/div>\n
For interactive slot machines only, an iGaming firm would need to pay \u20ac300,000 in addition to the \u20ac1 million fare. For online bingo, the fee drops to \u20ac100,000. For all iGaming rights, the total runs up to \u20ac500,000.<\/p>\n
Applicants must be financially sound when applying for an iGaming permit. The Lithuania gaming amendments require that an online gaming applicant have at least \u20ac1.2 million in the capital on hand.<\/p>\n
Before an iGaming platform can seek one of the three fully online licenses, Lithuania’s Seimas will need to read the amendments for a second time and realize a second vote with majority support. If that happens, the expanded internet gaming market will be ratified.<\/p>\n
Tax Generator<\/b><\/h2>\n
Financial projections from the Seimas concluded that the online gaming permits being considered would result in an additional \u20ac8 million in new tax revenue annually. The proposed amendments to Lithuania’s gaming law allocates some of the new money for addiction prevention services.<\/p>\n
Lithuania is considered a wealthy country. The World Bank reports that the country’s average gross domestic product per capita in 2020 was roughly $20,000. That’s nearly double the world GDP per capita average.<\/p>\n
Lithuania, like many other countries, experienced a decline in tax revenue due to COVID-19. The country reported earlier this year that its tax receipts plunged more than $200 million during its latest fiscal year, which ended in March.<\/strong><\/p>\nLithuania’s COVID-19 vaccination rate is on pace with the United States. The latest health data out of the European country<\/a> reveals that approximately 60 percent of Lithuanians are currently fully vaccinated, and another four percent are partially vaccinated.<\/p>\n","protected":false},"excerpt":{"rendered":"Lithuania is debating whether to move forward with expanding its legal online gaming industry by way of a new fully remote permit. The European nation’s legislature — the 141-member Seimas — has issued its early support of creating new gaming privileges for operations that would be conducted exclusively online. Currently, Lithuanian internet gaming permits are […]<\/p>\n","protected":false},"author":25,"featured_media":187102,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[19,13],"tags":[],"acf":[],"yoast_head":"\n
Lithuania Lawmakers Considering iGaming Expansion<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n