Who leads the Baltic markets following regulatory shifts?
By 2025, the online gambling market in the Baltic states had fully transitioned to a digital model, where growth is driven not by overall market expansion but by a redistribution of market share towards the online segment. Against a backdrop of moderate growth in total GGR, key changes are underway in market structure and regulatory and control approaches.
The article also presents Blask’s rankings of the largest online operators in the Baltic markets over the past year. The index reflects not only traffic volume and user base but also overall brand performance across audience engagement, marketing presence, and digital channels.
Latvia: a structural shift towards online
According to a report by the Latvian Lottery and Gambling Supervision Authority (IAUI), the local gambling market ended 2025 virtually unchanged in total volume, with GGR amounting to around €300 million. However, a notable shift occurred within the market: the online segment grew to €170.7 million (+10.9 per cent) and accounted for 57 per cent of total revenue for the first time.
Online casinos are still the main source of income, generating €146.6 million (+11.6 per cent). The betting section showed more moderate growth, up 3.9 per cent, while poker had the highest growth rate, at 30.4 per cent, despite starting from a low level. At the same time, the land-based segment continues to decline, with gaming halls seeing the sharpest decline. This trend indicates intensifying competition within the online segment. Growth is largely driven by the redistribution of existing demand among operators, which increases the importance of player retention and user data analytics.
The regulatory environment remains strict. Advertising restrictions and content requirements significantly limit the use of traditional marketing tools. As a result, operators are investing more actively in alternative channels, including affiliate marketing and developing their own user bases.
Tax policy is becoming an additional source of pressure. From 1 January 2026, the tax rate on online gaming increased from 12 per cent to 15 per cent, potentially affecting operators’ margins. Furthermore, the tax authority now supervises online operators, a role it recently gained from the government.
Lithuania: growth driven by online gaming and tighter controls
Lithuania remains the fastest-growing market in the Baltic region. According to a report by the Gaming Control Authority under the Ministry of Finance of the Republic of Lithuania (LPT), total GGR reached €274.1 million in 2025 (+13 per cent), with the online segment growing by 19 per cent to €202.4 million. Thus, the online share exceeds 70 per cent, making Lithuania the most digitised market in the Baltics.
The offline segment remains stable (€71.7 million), but its relative importance continues to decline. This confirms a long-term trend – the industry’s main growth is concentrated in remote products.
Tax revenue from the sector amounted to €86.9 million, underscoring its importance to the budget. Meanwhile, the regulator continues to actively target the illegal segment: in 2025, 47 warnings were issued to foreign operators, 37 investigations were conducted, and more than 2,000 domains were blocked.
Below is Blask’s ranking of Lithuania’s largest online operators, reflecting the competitive landscape in the digital sector.
Top 10 online operators in Lithuania
Source: Blask.
It is worth noting that two operators on the list do not hold a local licence, unlike the other participants in the ranking. This highlights the continuing presence of international brands operating outside local regulation.
At the same time, there is a growing focus on social responsibility. The number of consultations regarding gambling addiction remains high, whilst self-exclusion requests have risen by 14 per cent year-on-year. This indicates growing user awareness and a strengthening of the state’s preventive policies.
Thus, Lithuania combines rapid growth in the online segment with an active regulatory stance aimed at both combating illegal operators and reducing social risks.
Estonia: focus on tax reform and transparency
In Estonia, the key developments over the past year have focused on transforming the regulatory and tax model. The main development was the introduction of a single 5.5 per cent tax rate for all types of remote gambling, including games of skill.
The new model aims to eliminate legal ambiguities and create a level playing field for operators. Although it will come into force in 2026, its preparation has influenced market participants’ strategies, particularly regarding long-term margin planning and investments.
Additionally, controls over financial flows are being tightened, particularly regarding crypto-assets. The introduction of mandatory reporting from 2027 reflects the government’s desire to increase transparency and reduce the risk of fraud.
That said, the market remains stable in terms of growth rates. However, it still maintains a significant volume – the industry media outlet iGaming Today estimates total GGR in 2025 at approximately €450 million, with year-on-year growth of around 3 per cent. This indicates a mature stage of development with limited potential for organic expansion.
Below is Blask’s ranking of Estonia’s largest online operators, reflecting the current competitive structure of the market.
Top 10 online operators in Estonia
Source: Blask.
In this market, only one operator on the list lacks a local licence, indicating a higher degree of regulation than in neighbouring countries.
Thus, Estonia is focusing not so much on rapid growth as on creating a stable and predictable environment for operators. Against the backdrop of a stable market size, the priority is shifting towards efficiency rather than aggressive scaling.
In conclusion
By 2025, the Baltic online gambling market will have entered a phase of maturity, where competition will increasingly centre on how effectively operators engage their existing audiences. Lithuania is demonstrating the fastest growth, Latvia is undergoing structural transformation, and Estonia is seeing institutional changes.
Leadership in these markets is increasingly determined not by scale, but by the quality of user engagement, brand strength and the development of digital channels.
The general trend is towards a stronger role for online channels, increased regulatory pressure and higher demands for business transparency. In this environment, the key factors for success are technological sophistication, flexibility and the ability to adapt to a rapidly changing regulatory environment.
This article was first published in Russian on 15 April 2026.
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