After increasing the scope of its jurisdictional advice services, Slotegrator will now assist igaming operators in entering Lithuania.
It comes after a government proposal for a licencing reform in the Baltic country, which would decouple land-based and online licences if granted.
According to Slotegrator’s Ayvar Gabidullin, who provided an overview of the new proposed legislations, the Lithuanian government wants to “open up the market to established foreign operators and new investors interested in providing online-only services.” This action, he explained, will boost both competition and tax income at the same time.
A series of adjustments
The Lithuanian government also offered a series of adjustments to the current gaming legislation between March and July 2021.
Revised requirements for online live table games, a blanket ban on gambling advertising, revised KYC processes aimed at combating money laundering and terrorist financing, revised regulations for the operation and taxation of lotteries, and changes to the provisions allowing operators to terminate players’ accounts were among the changes.
Gabidullin wrote for Slotegrator that while applying for new licences under the new framework will cost “noticeably higher,” online operators will be able to “save on the initial investment necessary to set up a physical presence.”
Online-only licences might cost €500,000, while combined online-retail licences could cost €1 million; in the meanwhile, operators can get licences to operate tables and slot machines or betting activities for €300,000 and €100,000, respectively.
Gabidullin said: “While online licences would retain an indefinite validity, land-based ones would have to be renewed after a maximum of five years and are subject to approval by local municipal councils. If the proposal was to go through, all existing licenses would be made to expire on 1 January 2027.
“If you’re considering investing in Lithuania in light of the newly proposed regulations, or perhaps in the gambling industry in general? If so, Slotegrator can help you.
“If you want to expand your existing business into a new country, you can consult our jurisdictional advisory services. Our legal team will be able to assess which market best fits your needs. If, on the other hand, you’re starting from scratch, we can offer you a full-fledged turnkey solution that lets you enter the iGaming space with a competitive product in no time.”