Montenegro’s Gambling Revenues for Q1 Increase by almost 60%

Montenegro’s gambling revenues soared by 58.5% in the first quarter of 2024, hitting a high of €6.5 million ($7.0 million), as per the country’s Ministry of Finance.

The ministry attributed this revenue surge to legislative changes implemented earlier this year.

“On the contrary, the adopted measures resulted in abolishing certain types of betting that are considered risky and were not adequately regulated against money laundering”, the ministry stated.

In an unprecedented move, Montenegro introduced a mandatory variable fee for online betting as part of these new legislative measures. 

Consequently, the online segment’s revenue rose to €2.2 million for the quarter.

To put this in perspective, the online betting revenue for the entirety of 2023 averaged €1.5 million per quarter.