When assessing the turnover of the gambling sector, we often encounter incorrect parallels with the trade sector. As George Mamulaishvili explains, the turnover of the gambling business is fundamentally different from that of other sectors, making such comparisons inaccurate.

“Sakstat often confuses turnover with actual revenue. For example, in 2023, the turnover of the gambling sector amounted to 63 billion GEL, while the real income — the so-called ‘output of production’ — was only 2.8 billion. The latter reflects the actual amount that entered the sector and represents the company’s revenue,” says George Mamulaishvili.

According to him, in trade, a customer buys a product, whereas in gambling, the amount paid by a player can circulate multiple times, significantly increasing the turnover through repeated bets. As a result, the high turnover figures may be completely detached from the actual income.

Internal turnover in the sector became particularly active during various sporting events. However, in Mamulaishvili’s assessment, no annual growth has been observed so far, and it will only be possible to evaluate the growth of 2025 compared to the previous year by July.

Regarding taxation, he highlights a significant change: “The 15% tax rate in 2023 increased to 20% in 2025, which led to the closure of one online casino and the suspension of operations in several slot clubs. Despite this, the sector's contribution to the state budget has increased — in the first quarter, the sector paid 434 million GEL, which is 100 million more than the same period last year.”

George Mamulaishvili also emphasizes that to date, no legislative change has been made to allow license holders to operate in foreign currencies or cryptocurrencies. In his view, if this issue is not regulated, new foreign players will no longer enter the Georgian market. A clear example of this is a Turkish investor who declined to enter the Batumi market due to the aforementioned uncertainties and high tax burden.

“Restrictions will not eliminate gambling. On the contrary — they only stimulate the growth of the illegal market. Numerous international examples demonstrate that a regulated market is more effective both socially and economically,” explains George Mamulaishvili.

He notes that Georgia is already a regional hub for gambling and hosts many international game providers due to its stable environment. However, one day the law encourages the sector, and the next day, new restrictive regulations are introduced — creating confusion among both existing and potential investors.

Mamulaishvili also points out that the average age of consumers is 35–40, and their spending capacity significantly exceeds that of customers in other sectors. About 5–10% of them are foreigners, while the majority of land-based casino visitors are citizens of Turkey and Israel.

As for responsible gambling, Mamulaishvili says that all three major international groups — Flutter Entertainment, Entain, and Betsson — operate in Georgia and have a clear understanding of their social responsibility. They have developed internal policies and self-limitation mechanisms. He emphasizes that the legal business actively participates in social projects, funds sports, education, and charity initiatives — although they often choose not to publicize these activities. In contrast, illegal companies lack this sense of responsibility, which fundamentally differentiates legal operators from them.

“Tightening restrictions stimulates the illegal market. That’s why it’s essential to stabilize both regulations and the business environment. In 2023, the sector managed to overcome obstacles. Today, any additional pressure hinders development, innovation, and the ability to offer new products to consumers — all of which are, in turn, exploited by the illegal business,” concludes George Mamulaishvili in his assessment of the current state of the gambling sector.