Montenegro gambling industry Q1 revenue soars by 58.5%

Lea Hogg April 10, 2024

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Montenegro gambling industry Q1 revenue soars by 58.5%

In the first quarter of 2024, Montenegro’s gambling industry, which includes casinos, betting houses, slot-machine clubs, and internet betting, experienced a significant increase in revenue. The finance ministry reported a 58.5 percent year-on-year rise, bringing the total revenue to €6.5 million ($7.0 million).

This substantial growth in revenue is not attributed to an increase in betting volumes. Instead, it is the result of regulatory changes that were implemented at the start of the year. These changes led to the elimination of certain types of betting that were deemed risky and lacked adequate regulation against money laundering.

Regulatory changes and online betting drive revenue growth

For the first time, as part of these new legal measures, Montenegro imposed a mandatory variable fee for internet betting. Additionally, a fixed fee was introduced, which varied depending on the type of gaming organized via the internet.

These changes had a significant impact on the revenue from internet betting. In the first quarter alone, revenue from internet betting skyrocketed to €2.2 million. This was a substantial increase from the €380,000 generated during the same period last year. In comparison, the total revenue from internet betting for the entire year of 2023 was approximately €1.5 million.

The finance ministry’s statement highlights the profound effect of the regulatory changes on the gambling industry. It underscores the potential of internet betting as a significant revenue source and the importance of adequate regulation in ensuring the industry’s growth and sustainability.

The impressive growth of Montenegro’s gambling industry demonstrates the country’s strategic approach to regulation and its commitment to adopting a safe and sustainable gambling environment. The government’s proactive stance in implementing regulatory changes, particularly in the online betting space, has not only mitigated risks but also unlocked new revenue streams.?This has positioned Montenegro as a preferred international online gaming jurisdiction.?The country’s gambling industry, though still relatively small, is poised for continued growth, with projections indicating a steady rise in revenue.

This success story highlights the potential of well-regulated gambling industries to contribute significantly to national economies. Montenegro’s experience offers valuable insights for other jurisdictions seeking to balance regulation with growth in this dynamic sector.