Gambling is one of the biggest industries in the world. It is getting more and more popular with time and there is still plenty of room for development. The gambling industry varies and has changed in nature quite a few times already. While some countries are very specific with their desires in relation to the gambling industry, others are very open to any new opportunities.

Gambling is developing with rapid speed, and the clearest example for it is the online gambling industry which has become one of the mainstream gambling ways. The countries are adapting to online gambling and thus, get access to the new markets on the daily basis.

Many countries have limited online gambling for their citizens, due to the responsible approach to the subjects, others try to evolve and expand online gambling all over the local as well as international countries. Georgia, which is a small country in the Caucasus region, has a very different and liberal approach to the gambling industry, especially when compared to its neighbors.

Gambling is an especially active part of the country’s economy and operation ever since 2014. First amendments and changes have been made exactly in this period, and are still ongoing ever since. Thousands of people gambling in Georgia and despite the small and relatively unstable economy, Georgian online casinos are very popular among the local citizens.

Gambling in Georgia

Bookmakers and online gambling in Georgia are big and still growing industries that employ thousands and generate over 150 million GEL, over $50 million in tax revenue only.

Gambling, as well as sports betting, is a heavily regulated and fully legal sector in Georgia. Moreover, the advertisements, unlike many other European countries, are legal, and thus you can see plenty of banners and signs in major cities as well as online. This encourages more people to take the risk and invest their money and time in gambling activity. As such, Georgia attracts many wealthy visitors for this sole reason.

Technological progress and development have also introduced Georgian gamblers to the new type of gambling, which is a Bitcoin casino and blockchain-based gambling. It is getting more and more popular and is attracting a wider audience. Considering the number of people possessing BTC accounts in the country, the Bitcoin casinos are getting even more popular with time.

In 2017, gambling accounted for 8.4% of total revenue in Georgia’s business sector, which was just above ₾71 billion at that time. The possible increase in BTC gambling promises even increased revenue for the country’s economy. According to the statistics and observations, BTC gambling in 2021 should increase the overall industry revenue by around another $2 billion.

The forecasts are made according to the previous tendencies and the previous increase of the revenue in gambling, once the traditional casinos have switched to online gambling platforms. The largest one-year increase was recorded in 2015 when the rapid growth of online gambling and sports betting resulted in a 91% increase in total turnover in the gambling sector.

Gambling regulations

During the past several years, the local government has introduced some more regulations and initiatives, in order to make the gambling industry even more appealing and safe for the thousands of players. The tax exemptions for the gambling industry in some parts of the country are the most vibrant ones. For instance, in order to set up a casino, a company has to pay an annual fee of 5 million GEL, which is around $1.5 million. Though, in some regions like Batumi, Gudauri, Bakuriani, Borjomi, and some other resorts, the fee is almost 20x less, which is only 250,000 GEL. The massive interference like this is in order to attract more investors and build new, modern resorts.

According to official statistics from the Ministry of Finance, there are 247 permits for organizing gambling activities in Georgia. The industry paid ₾136.5 million into the state budget in 2018. This is ₾17 million more than the amount of taxes paid in 2017.

The changes in taxation resulted in building new casinos. In Batumi only back in 2018, there were 10 casinos operating and the same amount was for the online casinos. Within the next five years, the amount should increase by 50%. This also increased visitors to the region by 75%.

The development of online gambling has also ceased one more problem. Throughout the past several years, the local casinos have mostly been owned by Turkish businessmen. Though, with the development of the local casinos, many businessmen were able to invest in the traditional casinos and renown the casinos.

The increased online gambling flow is already affecting the local economy and society as well. Thus the development of the Bitcoin casino locally shall attract even more attention. So far, there is no local Bitcoin casino in Georgia, though offshore and international operators accepting Georgian players, can still enjoy Bitcoin gambling.

Gambling and the society

The overall perception of gambling in society is not very positive, as an increased amount of gamblers, increases the risks and problems of gambling in people. Though the revenue and the income the industry generates to the economy still makes the local authorities further continue focusing on the development of online gambling.

According to the official statistics, almost 90% of the respondents on the survey are engaged in any type of gambling activity. The rest of the respondents are at least engaged in sports betting, which is also very important and the most popular activity among the locals.

With all the recommendations taken into consideration, Georgia should maintain a loyal and liberal approach to the gambling industry. It is also tightly linked to the tourism industry and high profits. With the rapid technological development and an entrepreneurial boost in society, Georgia might soon become the first country in the region to introduce Bitcoin casinos and switch to blockchain gambling within the next following years.

The organisation will utilise its experience competing at the highest level of competition to help the watchmaker take its Instinct® Esports Edition to the next level 

Leading global esports organisation Team Vitality is pleased to announce a partnership with the world leader in the connected watch market, Garmin. The partnership will see Garmin supply Team Vitality with its model dedicated to gamers, the Instinct® Esports Edition as the two brands work closely together in R&D to further develop the product.

The Instinct® Esports Edition is based on Garmin’s health and sports technologies, and comprises a specific function dedicated to the analysis of biometric data during the game. The watch analyses and displays, for example, the user’s heart rate and stress level, together with the time and a game timer. Whether it be during the players’ physical preparation or during their games, the watch is fully in line with the team’s new ambitions.

Garmin sat down with Nicolas Maurer, CEO of Team Vitality to discuss the collaboration and the organisation’s approach to the partnership.

“The idea of creating a watch dedicated to gamers is really ingenious,” comments Nicolas Maurer, CEO of Team Vitality. “First, because it did not exist in the esports microcosm, unlike many other sports that have had their own connected watch for a long time. Then, because it will be exciting to follow the evolution and progress of this innovative product. There is so much to create around this watch…” A product stamped ‘Team Vitality’ for example? “Yes, why not! We already have some experience with branded products. It went very well with adidas. It is following the course of our history…”

Team Vitality did not hesitate to join forces with the American equipment manufacturer. First, due to its legitimacy and  investment in the gaming industry  as a technology expert. Then, because Garmin has “a cautious and considerate approach”. “Everyone has their own speciality. Garmin is a technological brand with talented R&D teams. For our part, our knowledge stems from practice and we have very experienced professional players, who have very specific and different expectations depending on the games. Esports is protean, let us not forget about that!”

For the time being, the Garmin and Team Vitality teams have already started brainstorming. The equipment manufacturer is reflecting on how best to work with Team Vitality and what future improvements can be made to the watch to help professional players perform even better. Team Vitality sees this as an opportunity to be challenged. “We are ultra-stimulated,” explains Nicolas Maurer. “We have to take a different look at the discipline. Innovation has always been part of our DNA. But this time we feel even more involved, boosted by this partnership, which aims to develop the best possible product and meet the expectations of all audiences, both professionals and amateurs.”

“Garmin’s approach is very sound,” says the CEO. “The equipment manufacturer is entering the esports market with caution and humility. Garmin is presenting a first product, which will likely need to be improved. It is then up to us to share our expertise with them. The partnership was, in fact, concluded with that in mind: in a logic of R&D, expertise and exchange.”

At the present time, it is difficult to know which of the functions included in the connected watch will appeal most to Team Vitality’s professional players. “We can imagine that in games like Counter-Strike or League of Legends, the watch can be used in the key moments of the game and provide additional information or DATA, allowing players to make the right decisions at the right time. It is important to remember that esports is based on two essential principles: decision-making and mechanical execution. These choices are made in record time, when every second counts. This is where the watch will have a role to play.”

On 10 December 2020, LeoVegas AB (publ) (“LeoVegas”) issued unsecured bonds with ISIN: SE0015242854 in an amount of SEK 500 million within a framework of SEK 800 million (the “Bonds”).

The Bonds have a tenor of 3 years and a floating interest rate of 3 months STIBOR + 550 basis points.

Pursuant to the terms and conditions for the Bonds, LeoVegas has undertaken to apply for admission to trading of the Bonds at the Corporate Bond List of Nasdaq Stockholm. For this purpose, the company has prepared a listing prospectus which today has been approved by the Swedish Financial Supervisory Authority (Sw. Finansinspektionen). The prospectus is available at the company’s website www.leovegasgroup.com under Investor Relations and at the Swedish Financial Supervisory Authority’s website www.fi.se.

The first day of trading of the Bonds will be the 25^th January 2021.