Gambling Growth Armenia
Market Report Outsized
From liberal market conditions to one of the world’s fastest-growing gambling sectors, Armenia’s gaming industry has expanded rapidly over the past decade. New legislation, escalating licence fees and centralised monitoring systems now signal a decisive shift towards tighter state control and long-term sustainability.
Despite its size, Armenia has quickly become a leader in the IT industry and has one of the gamb- ling industry’s highest growth rates in the world. Armenia is situated between Europe and Asia, sandwiched between Turkey and Azerbaijan, and borders Georgia and Iran. It is made up of 10 provinces - Aragatsotn, Ararat, Armavir, Geghar- kunik, Kotayk, Lori, Shirak, Syunik, Tavush, Vayots Dzor - and the special status city Yerevan. Most of the population is located in the northern
half of the country, whilst the capital Yerevan is home to more than five times as many people as Gyumri, the second largest city in the country. It is mostly mountainous, and half the territory
sits above elevations of 3,300 feet at least, and there are no lowlands. Under Soviet rule, the Armenian economy was
transformed from agricultural to mostly industrial, even though agriculture still accounts for around two-fifths of the GDP, the main industries include
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mechanical engineering, electronics, and chemical and mining industries. Te huge earthquake of 1988 destroyed nearly one-third of Armenia’s industrial capital, whilst a conflict in 1989 saw energy shortages after Azerbaijan imposed a blockade, closing a vital gas pipeline into the country. Te country declared independence in 1990
and became the first non-Baltic republic to secede from the Soviet Union, and in 1991, when the Soviet Union dissolved, independence was officially recognised. Te country implemented a number of structural reforms, including the privatisation of industry and agriculture, restructuring the tax and financial system, and price liberalisation. A new currency (the Dram) replaced the Ruble in 1993. In 1995, Armenia replaced the Soviet era constitution with a new constitution establishing legislative, executive, and judicial branches of government.
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