Gaming operator Olympic Entertainment Group (OEG) is once again getting ready to lose profits due to Latvia’s plans to increase gambling taxes.

The government of Latvia intends to reform the tax regime, increasing the tax pressure on gambling business by 30%. Thus, the annual tax on gaming machines will grow from €3204 to €4164, on gaming tables – from €18 thousand to €23.4 thousand. These measures will influence the activity of 13 operators licensed to conduct gaming in Latvia.

OEG is one of them, and Latvia is its largest market. Currently, 54 OEG’s gaming venues operate in the country. However, the operator has already suffered losses after gambling halls in the center of Riga were banned this spring.

According to 2017 Q2 earnings report, the total revenue of OEG stayed almost on the same level as in 2016, rising by only 0.2%. Latvian market revenue rose by 9%, and Estonia showed the biggest growth rate – 15.7%. General statistics was also influenced by losses: the operator had to leave the Polish market. Company’s operations showed negative results in Slovakia, where revenues decreased by 12.2%.