Estonian Gaming Business Withdrawn From Belarus

Even some gambling companies are leaving the Belarusian market.

Last year the gambling market of Belarus lost seven licensed companies. The Estonian holding Olympic Entertainment Group (OEG), one of the major players, was among those disappointed with the income, "Your Country’s Tomorrow" writes.

According to the published information, the revenue of OEG in the Belarusian market amounted to only 200 million euros, having declined by 76.8%.

This is the worst result among the countries, where the Estonian millionaire Armin Karu runs his business. Last year, this fact forced OEG to liquidate its business on the territory of Belarus.

«OEG leaves the Belarusian market of gambling due to inefficient operations against the macroeconomic situation and weak prospects for improving profitability in Belarus," – the company's website reports.

The holding OEG has been present in the Belarusian market since 2006 and has owned nearly a dozen casinos and slot machine halls.

In 2016, OEG total revenues amounted to 174.5 million euros, having increased by 12.6% (Latvia – 60.6 million euros, an increase of 17.7%, and Estonia – 39.2 million euros, a 16.5% increase). The company had best the dynamics (3752% increase) in the Maltese market. The decline in income, except Belarus, was recorded in Poland – by 43.8% (EUR 13.3 million). OEG operates in Lithuania, Slovakia and Italy.

According to the Ministry of Taxes and Levies of Belarus, as of 1 January 2017, 108 companies were granted special permission (license) to operate in the gambling business. As of January 1, 2016 – 115 companies. Over the past year five new companies: AlMax, Novamars, Kvintich, Stauka-Bet and BetVin came to the Belarusian market.