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New Report Says Lithuanian Online Casinos, Bookmakers and Offline Venues are at Risk of Money Laundering

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New Report Says Lithuanian Online Casinos, Bookmakers and Offline Venues are at Risk of Money Laundering
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A new report by the analysts revealed that Lithuanian online casinos, bookmakers and offline venues are at the risk of money laundering.

According to analysts, the risk of money laundering for land-based casinos in Lithuania on a scale of 1 to 4 is estimated at 4, for lotteries – at 2, and for the online gaming, slot machine simulators, online betting – at 3.

The casino sector is at risk because its operations are based on a significant amount of cash flows that are attractive to organised crime groups, politically significant persons and people arriving from high-risk countries for money laundering, the report says.

The online gambling industry is attractive to criminals due to the high volume and fast execution of transactions, as well as low identification requirements, which allows them to easily convert illegal funds into legitimate gambling earning.

The report also indicates that the gambling supervisory authority in the country is not sufficiently prepared to deal with the threat of money laundering in casinos.

“The number of investigations conducted by supervisors during 2016-2018 is insufficient and not proportional to risk. This may be due to a lack of human resources in the department, in which three employees devote only 15% of their time to supervision of money laundering issues.”

The report proposes casinos, slot machines and bookmakers to introduce debit cards to easily track the transactions, set limits on cash deposits, use customer cards to control gaming activity, and conduct checks in the style of a “mystery shopper” by the supervisor.

Baltics

Rise, Shine, and Connect: HIPTHER’s Networking Sessions at MARE BALTICUM Gaming & TECH Summit Tallinn

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Rise, Shine, and Connect: HIPTHER’s Networking Sessions at MARE BALTICUM Gaming & TECH Summit Tallinn
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HIPTHER, the leading event organizer for Gaming and Technology industries in Europe, is thrilled to announce holistic Wellness Networking Sessions for MARE BALTICUM Gaming & TECH Summit 2024. This year’s Summit is not just about insightful discussions and groundbreaking tech showcases. As we gather in the beautiful city of Tallinn, Estonia, from June 4th to 5th, we’re excited to announce that the #hipthers are adding a touch of wellness and active networking to the event. With 125 participants joining us this year, the summit promises to be a vibrant platform for professionals to connect, learn, and grow together.

Conference Zen: Morning Yoga & Mindful Breathing

To kick off the summit on Day One (June 4th), join us for the “Conference Zen: Morning Yoga & Mindful Breathing” session. This peaceful morning routine is designed to set the tone for a day of productive discussions and networking. Whether you are a seasoned yogi or a beginner, this session is a perfect way to awaken your mind and body in the serene setting of Tallinn.

The session will start promptly at 7:30 AM, allowing you to breathe in the crisp Baltic air and enjoy a moment of tranquility before the day’s activities. Led by a certified yoga instructor, this 45-minute class will include a variety of stretches, yoga poses, and mindful breathing techniques to center your thoughts and energize your spirit.

Morning Networking Run

On Day Two (June 5th), get your heart pumping with our “Morning Networking Run.” This invigorating start to the day is ideal for those who want to combine fitness with networking. Scheduled to begin at 7:30 AM, this run is an opportunity to explore the charming streets of Tallinn while making new professional connections.

The run will cover a scenic route through the historic city, offering breathtaking views and a fresh perspective on the local culture. Participants of all running levels are welcome, and the pace will be set to accommodate everyone, ensuring a comfortable and inclusive environment. It’s a fantastic way to energize your body and mind while sharing interests and ideas with fellow attendees.

Join Us!

These networking sessions are a testament to HIPTHER’s commitment to creating a holistic experience for all summit participants. By integrating wellness and physical activity into our program, we aim to foster a supportive and dynamic environment where ideas flow freely, and connections are made naturally.

We invite all attendees to take advantage of these unique opportunities to rise, shine, and connect in new and meaningful ways. Remember to bring your yoga mat, running shoes, and an open mind — we’re excited to see you there!

As we look forward to these sessions and the many exciting activities planned for the MARE BALTICUM Gaming & TECH Summit, we’re reminded of the power of community and the importance of taking care of our minds and bodies.

Ready to Join Us? Register Now!

Haven’t registered for the MARE BALTICUM Gaming & TECH Summit yet? There’s still time to join us in Tallinn on June 4-5 for an exceptional blend of professional growth and personal wellness. Engage with industry leaders, explore the latest trends in gaming and tech, and participate in unique activities like our Morning Yoga & Mindful Breathing and the invigorating Morning Networking Run. Don’t miss out on the opportunity to be part of this vibrant community of 125 professionals. Register now and prepare to rise, shine, and connect at this premier event!

See you in Tallinn for a truly enriching experience!

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Baltics

Elvis Merzļikins Becomes Brand Ambassador of OlyBet

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Latvian national ice hockey star Elvis Merzļikins has become the new brand ambassador of the sports entertainment brand OlyBet. The significant partnership allows OlyBet to provide Latvian ice hockey fans unique opportunities to experience the sport.

Everyone knows that the iconic American singer Elvis Presley was an extraordinary entertainer, and Elvis Merzļikins takes after his fabled namesake. When he earned the first shutout of his NHL career in Las Vegas, he did so with thrilled fans chanting his name. Merzļikins was named after Elvis Presley, of whom his father was a great fan. People worldwide love the 30-year-old goalkeeper’s personality and style on ice and off it.

“We are delighted to partner with Elvis to thrill Latvian ice hockey fans. OlyBet has supported ice hockey in Latvia for many years and brought the NHL Stanley Cup to Latvia for the first time and supported the National Team on the way to bronze in last year’s IIHF World Championships. This partnership with Elvis will bring ice hockey fans closer to the top-level of world competitions and sports excitement that only OlyBet delivers,” Corey Plummer, CEO of OlyBet Group, said.

“I am thrilled to embark on this collaboration journey with OlyBet as their brand ambassador. This partnership presents an incredible opportunity for me to connect more with hockey enthusiasts in Latvia. I aim to enhance the experience by engaging with fans at OlyBet events and embracing the spirit of the OlyBet brand. Sports have a remarkable power to unify and foster a sense of belonging. I am confident that, together with OlyBet, we will create unforgettable and dynamic moments for every sports enthusiast in Latvia,” Elvis Merzļikins said.

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Baltics

GiG continues regulated market expansion growth, with new launch in Estonia

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Gaming Innovation Group (GiG) has announced that its multi-award winning iGaming Platform has powered the launch of Suprnation in Estonia
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Gaming Innovation Group (GiG) has announced that its multi-award winning iGaming Platform has powered the launch of Suprnation in Estonia, as GiG’s market-leading technology continues to strengthen, amplifying growth in an ever expanding number of regulated markets around the globe.

GiG has garnered a strong reputation as a regulated markets expert, with this latest new launch underscoring its commitment to driving growth opportunities for its partners into new markets, as regulation becomes ever more pronounced.

The news of the launch of long-term partner Suprnation is also notable for extending GiG’s impressive recent cadence of live delivery, launching ten brands in the last six months.

Prioritising a partner-centric strategy, GiG has built a strong reputation for growth, leveraging its extensive experience to foster strong professional relationships with operators, providers, and regulatory bodies. As legislative frameworks evolve, particularly in new and emerging markets, the expertise and experience of providers like GiG become increasingly critical in navigating regulatory complexities and driving revenue.

iGaming in Estonia, across online casino, sportsbook and lottery, is expected to deliver steady annual growth, resulting in a projected market revenue of over €271m by 2029 according to data supplied by H2 capital.

Andrew Cochrane, Chief Business Officer at GiG, said: “We are proud that our long standing partnerships continue to benefit from the expanding addressable markets we have added to our portfolio. The widening regulated opportunities we deliver ensures we excel at driving revenue growth for our partners in new markets, and we look forward to continuing to leverage our expertise, powering online successes throughout burgeoning new regions like Estonia. ”

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