Armenia’s Gambling Market Has Grown 21-Fold Since 2018 and Now Surpasses National Debt

^{Pictured: Nikol Pashinyan, Prime Minister of Armenia}

Armenians placed a total of $18.3 billion in bets in 2024, according to Jam News, citing data from Armenia’s State Revenue Committee.

Online gambling dominates the country’s gaming market, accounting for approximately 98% of all wagers — roughly $18 billion. The remaining amount was spent in land-based casinos. According to the State Revenue Committee, most of the money wagered was returned as winnings, totaling $17.9 billion.

Online betting volume in 2024 was 21 times higher than in 2018.

Retail gaming also saw growth, though on a much smaller scale — around 20% compared to 2018.

There is no official data on how many people in Armenia participated in gambling or how many of those bettors were foreign nationals. However, what stands out is that Armenia’s gambling turnover now exceeds the country’s national debt, which stands at $12.84 billion.

The surge in gambling activity has raised concerns among Armenian officials. Prime Minister Nikol Pashinyan acknowledged the government’s attempts to curb its spread but admitted that a full ban is not realistic.

“If Armenians don’t place their bets in Armenia, they’ll do it elsewhere or online. And if we restrict internet access, I’m sure there will be many comments saying we’re infringing on people’s freedoms and taking a dictatorial approach,” Pashinyan said.

He also noted in a recent press conference that the government is working on improving tax regulations for the gambling sector.