ONLINE WAGERS 2019 $3bn 2020 $5bn 2021 2022 $9.75bn $14.5bn 2023 $16bn 2024


Turnover AMD AMD1.2tn AMD2tn AMD3.9tn AMD5.8tn AMD6.4tn AMD7.2tn Turnover $


$18bn


Te tourism sector is built on Armenia’s rich


history and culture, with stunning landscapes and outdoor activities. Lake Sevan is the world’s largest mountain lake and a popular summer tourist spot, whilst skiing in the winter is a key attraction. Tourists are attracted not only by the millennium-old monasteries and cathedrals but by the hot springs of Arzni and Jermuk and the dense forests and caves, whilst the opera and theatre in the cities offer cultural breaks. In 2024, the country saw 2.2 million tourists,


above 2019 pre-pandemic figures of 1.89 million but a slight drop from a boom in 2023 with 2.33 million and $3bn in receipts – doubling the $1.5bn in 2019.


Te first eight months of 2025 saw 1.5 million


tourists (compared to 1.48 million for the same period in 2024). Te majority of tourists come from Russia, Georgia, and Iran. Tere is a tourism project in place to develop


infrastructure across the 10 regions whilst creating museums, service stations, roads, and a revival of cultural heritage sites.


THE GAMBLING MARKET


Armenia has historically maintained a liberal ap- proach to gambling and has one of the highest gambling industries’ growth rates worldwide. Te industry plays an important role in the country, providing jobs, boosting the economy, and providing much-needed revenue for infrastructure. A government report claimed gambling turnover


in 2023 had increased by more than 400 per cent over the last decade, reaching AMD6.3 trillion ($16.5bn). Te gaming industry began to develop in the early 1990s after independence, when the first bookmakers and casinos appeared, and today is made up of online gambling, casinos and slot halls, sports betting and racing, slot machines and lotteries. Te first steps to regulating the sector began in


the early 2000s when the legislative framework for Armenia’s gambling industry was set up and divided the industry into two parts, focusing on ‘winning games’ and ‘lotteries.’ Tese were regu- lated by the RA Law on Gambling, Internet Gamb- ling and Gambling and the RA Law on Lotteries, introduced in 2003.


Te law was written with the intention of


moving all Armenian casinos and slot halls outside of Yerevan. At the time, it was reported that 49 gambling activities were moved outside of the city. Te idea was to develop areas outside of the city in terms of investment and visitors. Over the next few years, foreign companies


began to enter the market, including a huge in- vestment from Storm International, which launched the Shangri-La just 2km outside of the capital city.


Te theory was to keep the casinos a taxi ride


away to ensure only those who could afford to gamble would travel the distance. However, the plan didn’t bring the level of investment to the towns outside of the capital that the government initially hoped for. In 2009, as Russia’s casinos were closing, Ar-


menia introduced amendments to its 2003 law to ban all casinos and slots from Yerevan. Te new law ‘on entities organising games of chance and casino’ came into effect in 2014 and stated that casinos and gambling halls had to move out of Yerevan and other residential areas, except for the administrative territories of Tsaghkadzor city


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