Adjarabet, one of the largest gambling holdings in Georgia, earned GEL 352.7 million in 2022.
Apart from Georgia, the company operates in Armenia and Cyprus under the legal name of Atlas Holdings. According to the financial report, the holding's
Income in Armenia amounted to GEL 353.5 million.
Revenues are distributed by game category as follows:
Net income from online casino games - 635 million GEL;
Income from the totalizer - 59.7 million GEL;
Net income from online peer-to-peer games - 24.9 million GEL;
Other income - 9.9 million GEL.
The total income of "Adjarabet" stood at 706 million GEL that is 77 million GEL more than last year.
According to the financial report, the company's profit in 2022 totaled 118 million GEL that is 40 million GEL less than in 2021.
The main products offered by the group are: online casino, online bookmaker, peer-to-peer online gaming, EWL (sports betting exchange) and offline bookmaker. The group offers its users an online gaming platform through its website – www.adjarabet.com in Georgia and www.adjarabet.am in Armenia.
Income from betting at online bookmakers is subject to income tax at the rate of 7% of gross income (i.e. bets received) in 2022.
Casino income tax- income from online casino betting is subject to taxation of 10% of the difference (GGR) between the amount received in bets and winnings paid out in 2022.
