Olympic closes gambling shops in Lithuania

A subsidiary of Olympic Entertainment Group has announced that it will close betting shops in Lithuania.

Lithuania.- Olympic Casino Group Baltija is focused on reorganising the company, and as part of that initiative, it will close a small number of betting shops in Lithuania. The subsidiary of Olympic Entertainment Group will close betting shops and category B slot halls.

The decision to stop operating a number of venues in Lithuania is part of a reorganisation of the regional business of Olympic in the territory. The operator said that the decision has been influenced by a change in the tax regime in the country. Around 11 units will close in Kaunas, Klaipėda, Panevėžys, Šiauliai, Marijampolė and Mažeikiai.

“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,” said Saulius Petravičius, CEO of Olympic Casino Group Baltija.

“If the tax is not objectively justified, in the long run it will throw some of the business into the shadows or move it to other jurisdictions where it is difficult to account for and spend 100% of the money spent by Lithuanian citizens and ensure compliance with all rules. This includes the protection of the insured and other things,” the CEO added.