Sunday, November 27, 2022

Lithuanian regulator fines Top Sport and Amber Gaming after breaches of the country’s gambling promotion ban | Yogonet International

Must Read

[ad_1]

Lithuania’s betting and gambling operator, Top Sport has been fined by the country’s gambling authority for violating the promotion ban introduced in 2021, which will lead the company to pay EUR 25,000 ($25,900). The institution also punished Amber Gaming, the brand behind the 7Bet casino, as it struggled to comply with the new rules, breaking the law twice – in November 2021 and in February 2022.  

The Lithuanian Gaming Control Authority under the Ministry of Finance of the Republic of Lithuania introduced a ban last year that referred to the amendments to the Gaming Law, which limit the operators’ use of advertisements to promote gambling activity in the country. 

According to the regulator, this includes free games, promotional campaigns, discounts, free gifts, free spins, and any other form of special events through which gambling activity is promoted. However, this restriction does not entail a complete ban of all advertising, only those focused on increasing gambling participation. The decision comes from the institution’s effort to protect players.

According to a press release, in the case of Amber Gaming, the brand had published content that included promotional material strictly banned via the 2021 ban. This resulted in an EUR 6,789 ($7,000) fine, significantly lower than Top Sport’s. 

The ban may affect the way in which the Lithuanian online casinos handle promotions. However, it does not limit their offer in any way. Estonia and Latvia legalized online gambling in 2010. Lithuania joined its Baltic neighbors in 2016, and since then it has been licensing online casinos to nurture its offering. 

The ban even helped increase gambling activity in Lithuania, as the jurisdiction has registered an increase of nearly double the revenue from last year. Online casino revenues are up 90% compared to 2021. This rise did not comes as a surprise for most experts, considering that the latest studies suggested that the global gambling market is set to grow in the next 5 years. 



[ad_2]

Source link

Cryptoultimatum Crypto Trading Signal Service

LEAVE A REPLY

Please enter your comment!
Please enter your name here

I show You how To Make Huge Profits In A Short Time With Cryptos!
Trending
- Advertisement -

More Articles Like This