Home » OEG Reduces Its Operations In Lithuania
Business

OEG Reduces Its Operations In Lithuania

Technology

The Olympic Entertainment Group (OEG) has announced that it will close down some of its venues in Lithuania in order to cut losses.
Because of Lithuanian gambling tax increase that happened earlier this year, OEG decided to close down nine betting shops and two casino arcade. It seems that OEG cannot maintain a large number of venues in a country that is bent on severely taxing operators.

Some time ago, the Lithuanian government increased the tax on bingo, arcade and betting to 18 % and it also announced that all forms of online gambling will be obliged to pay a fixed 13% revenue tax.

“Initiatives to aggressively change the tax environment not only create uncertainty but have also forced us to rethink and change our business model. We will move the activity from the closed facilities to other operating units, such as betting shops, casinos or the remote gambling platform. This is how we respond to changing market conditions so that we can ensure the sustainability of our business through legal action,” Saulius Petravičius, OEG MD for Lithuania, said.

Source: https://europeangaming.eu/portal/latest-news/2019/12/02/59765/oeg-to-shut-nine-betting-shops-and-two-casino-arcades-in-lithuania/

About the author

Aleksandar Krstic

Aleksandar Krstic

A bachelor of journalism, he spent most of the time of his ongoing career as a custom content creator. Experienced in reporting and information gathering, after finishing his contract in a local news agency, Aleksandar began writing for clients outside his native country. Fluent in English, he wrote various types of content, his work ranging from affiliate articles to news reports and creative stories. Aleksandar spent most of his time writing extensively on a myriad of topics, including history, science, technology, esports, culture (both traditional and modern) and arts.

Add Comment

Click here to post a comment

The following GDPR rules must be read and accepted:
This form collects your name, email and content so that we can keep track of the comments placed on the website. For more info check our privacy policy where you will get more info on where, how and why we store your data.