iGN x 4H: Overview of Armenia’s iGaming License
The iGN editorial team, together with experts from
4H Agency,
has prepared an analysis of Armenia’s licensing model, where since 2024 land-based venues
(bookmakers, casinos, and slot halls) and online gambling
(casinos and betting) have been regulated, including the option to target foreign players.
Armenia’s iGaming License
License term and cost
License term — unlimited (until revoked by the regulator or in case of non-payment of fees).
Annual license fee — approximately $1.5 million.
Bank deposit — approximately $3 million.
Fee for the right to accept bets
Maximum betting volume — approximately $260 million:
Until 2026 — approximately $920 thousand.
Until 2027 — approximately $1.3 million.
Until 2028 — approximately $1.8 million.
From 2028 — approximately $2.3 million.
Maximum betting volume — approximately $130 million:
Until 2026 — approximately $260 thousand.
Until 2027 — approximately $400 thousand.
Until 2028 — approximately $520 thousand.
From 2028 — approximately $650 thousand.
Applicant requirements
The license is available only to legal entities that are residents of Armenia.
Only certified gaming products connected to the central monitoring system may be used.
All gaming operations must be carried out by staff with valid certifications.
Operations are conducted through a single website with a .am domain.
Each player has one account, with bets and winnings recorded separately by game type.
All transactions are carried out cashless and in Armenian drams.
The currency of winnings must match the currency of the deposit and the bet.
Payouts are made only to the same bank account used to fund the gaming balance.
Information about winnings is published only with the player’s consent or in anonymized form.
Working with foreign players
The player’s place of residence must be outside Armenia.
Access must not originate from Armenian IP addresses.
Armenian banks or payment institutions are not used.
Transactions in foreign currency are permitted.
Taxes on winnings
5% — on winnings below $13,000.
10% — on winnings above $13,000.
20% — on any winnings from offshore operators.
Key features of the Armenian market
Regulation began to take shape in 2022 and was completed in 2024.
Operators are required to operate under a .am domain and connect equipment to a centralized monitoring center.
The legislation allows work with foreign players and acceptance of deposits in foreign currency.
The regulatory model follows international standards similar to those applied in Georgia.
High competition, advertising restrictions, and substantial licensing fees increase the market entry threshold.
The online segment shows growth potential due to high internet penetration and a young audience.
According to 4H, the Armenian license combines offshore opportunities with strict localization
and monitoring requirements. High entry barriers are offset by an unlimited license term
and legal access to work with foreign players.
Armenia offers a regulated offshore model with transparent oversight,
although the high financial threshold makes market entry more difficult for new brands.