The future of the industry

Until 2030, the baseline scenario for Armenia is a moderate growth in the licensed online segment while tightening compliance: mandatory eID for 21 +, extended limits and self-exclusion, behavioral analytics and anti-fraud.

The payment ecosystem will shift towards instant and open interfaces, with a complete non-cash footprint and transparent tax accounting for GGR.

Offline will remain point-resort (Tsakhkadzor, Jermuk, Sevan, Meghri) with high investment thresholds and a focus on tourism and MICE.

More stringent advertising and affiliate programs are expected, as well as cooperation with sports integration leagues.

Key risks - competition with gray online and pressure on marketing; drivers - fintech, local content and high-check tourism.