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HomeLithuaniaOlympic Casino boosts 2023 profit as online gambling market expands

Olympic Casino boosts 2023 profit as online gambling market expands

Olympic Casino Group Baltija, a Lithuanian gambling company, saw its net profit rise 35 percent to 6.9 million euros last year, from 5.1 million euros in 2022, as the online gambling market expanded and revenue rose 20 percent to 39.4 million euros, from 32.7 million euros.

The online gambling market, which grew strongly last year, will continue expanding moderately this year, the company said in its 2023 report submitted to the Register Centre, adding that its goal is to increase its market share by improving its platform, offering new products and introducing new ways of accessing and paying for the system.

“The online gambling market is expected to continue growing, but at a more moderate pace compared to last year (…), while the land-based market is expected to be at the same level as in 2023, or even might shrink slightly,” the company said.

Olympic Casino Group Baltija has no plans to invest in new branches this year and will aim to operate more efficiently the existing current ones, but it does plan to upgrade several casinos.

In 2023, Olympic Casino Group Baltija paid 5.1 million euros in dividends to its sole shareholder, Estonia’s OB Holding 1, after paying 6.4 million euros in 2022.

As reported earlier, several companies owned by the BaltCap Infrastructure Fund filed a lawsuit against Olympic Casino and its shareholder OB Holding 1, demanding the return of 26 million euros in financial assets and 3.5 million euros in damages. This is the amount the fund’s former partner Sarunas Stepukonis gambled away at casinos owned by the two companies.

According to a ruling by the Court of Appeal in April, Stepukonis had transferred 31.6 million euros to OB Holding 1’s account in Lithuania. BaltCap representatives believe some 40 million euros may have disappeared from the fund’s companies.

Source: BNS

(Reproduction of BNS information in mass media and other websites without written consent of BNS is prohibited.)

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