Lithuania Creates New Gambling Standards, Bank Controls in Focus
Lithuania has submitted new proposals to revamp online gaming standards in the country.
Key Facts:
- The European Commission (EC) has received the plans
- Draft comes from the Gaming Control Authority (LPT) of Lithuania
- Lithuanian government recently announced new regulations focusing on bank controls
- Banks would be given greater powers, including being able to monitor gambling transactions
With many European nations looking to update their rules and regulations for the industry, Lithuania seems to be following suit.
The European Commission has confirmed it has received new draft proposals from Lithuania that are designed to bring its online gaming standards up to date.
Under the authority of the Ministry of Finance in Lithuania, the document has been created by the country’s Gaming Control Authority (LPT). The LPT says it wants to apply new technical requirements with the “aim of establishing a general standard for online gambling platforms to operate in Lithuania”.
Bank Controls Move
Lithuania’s latest move comes a short time after the country confirmed plans to tackle illegal gambling through new bank controls.
The idea is that banks in Lithuania would be given greater powers, including the chance to monitor people’s gambling transactions.
With illegal gambling said to cost the Lithuanian government in the region of €2 million in lost tax money, the change could boost the country’s economy.
Now, the LPT aims to bring the country’s online gaming operators more in line with the rest of Europe due to the new standards update.
The EC will have a consultation period designed to gather feedback on the proposal.
Seimas – the country’s parliament – approved ‘new provisions’ to be added to the Gambling Law of the Republic of Lithuania last year.
Gambling Ads Banned
Lithuania has already made clear its plans to introduce far tighter controls on gambling firms.
Last year, the country’s parliament passed a vote to ban gambling ads – with the exceptions of sports competitions, sponsorships and broadcasts – with the changes set to come into effect from July 2025.
However, there will be a transitional period until the end of 2027, whereby limited gambling ads will be allowed in the media.
Last year also saw the LPT in Lithuania bring in new requirements to ensure any online gambling platforms operating in the country keep the accuracy and reliability of data.
Seimas also voted to raise taxes on gambling operators by two percentage points in 2024.
