Armenia Market Report


In early 2025, the Regulation of Gaming Activities was adopted after


governmental approval, and this fully replaces the previously existing normative legal acts regulating the


sector. Tis was first presented as a draft in 2022 and was introduced to establish more oversight and control over the gaming industry. It provides for the


integration of the information systems, software tools, and databases into a central monitoring system.


Further changes have been implemented re-


cently with stricter tax conditions and higher licensing costs. Tere were around 455 gaming establishments


in the country in 2020, which is now down to around 45, with the market being dominated by a handful of major domestic players such as Ad- jarabet (Flutter Entertainment), Good Win, and Vbet. Armenia is also the headquarters for two of the largest sports betting software providers, BetConstruct and Digitain. Online operators must operate under the .am


domain and all games and equipment must be connected to a central monitoring system overseen by a licensed sub-regulator – inspired by Georgia’s successful regulatory model. Although operators can accept foreign currency


(from foreign players) and target international players, a tightening of financial and compliance obligations could see many businesses pushed out of the country, and may open the door to black market operators.


CHANGES IN LEGISLATION


In early 2025, the Regulation of Gaming Activities was adopted after governmental approval, and this fully replaces the previously existing normative legal acts regulating the sector. Tis was first presented as a draft in 2022 and was introduced to establish more oversight and control over the gaming industry. It provides for the integration of the information systems, software tools, and databases into a central monitoring system. It clarifies and simplifies several concepts


relating to gambling activities that previously caused difficulties due to ambiguous interpretation. Although the new law has formally entered


into force, it has to date (end of 2025) not been put into operation because several necessary sub-legal acts have not yet been adopted. Te regulations include:


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Enforcing the current age limit of 21 for gambling activities (except the lottery, which is 18 and above) and preventing citizens who receive government financial aid from gambling.


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Implementation of an electronic management system to interconnect information systems, software and databases of game operators. All products and online platforms must obtain certification from reputable gaming labora- tories.


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Minimum payout amount will be 90 per cent. Tis is currently in effect.


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Prohibition on participating in games with winnings organised by foreign countries on Armenian territory. To not be deemed ‘foreign’, operators must be based in Armenia, including their servers, software, hardware, and gaming platforms. Tis is also currently in effect.


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Banks and payment systems operating in Ar- menia will be banned from providing payment services to facilitate foreign operators.


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Requirement for identification of the players’ bank card and game balance. Game operators have the authority to verify the player’s bank account with a request to the bank.


Meanwhile, there were several changes made


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