The Slovak gambling industry is booming. Tax receipts are climbing, online betting continues to expand, and some operators are reporting record results.
Yet one of the country’s oldest casino brands is disappearing from the market.
Olympic Casino Slovakia, once a fixture of city centres from Bratislava to Kosice, has all but shut down after a year in which its revenue collapsed by almost 80%. The company has closed all its land-based venues, reduced its workforce from nearly 200 to just two, and is preparing to surrender its gambling licence, according to Forbes Slovakia.
Its decline highlights a consequence of Slovakia’s increasingly restrictive approach to casinos. Rather than shrinking the market, local bans have accelerated a migration to online gambling, concentrating business among digital operators while leaving traditional casino groups behind.
For years, Olympic appeared well-positioned. Backed by an Estonian parent company, it built a nationwide network of casinos and generated annual revenue exceeding EUR 140 million. Then local politics caught up with the business.
Cities across Slovakia have tightened gambling rules, with some refusing to issue licences altogether. Olympic lost access to key locations, including prominent sites in Bratislava, while planned operations elsewhere failed to secure municipal support. Without physical venues, the business model unravelled.
Revenue fell from EUR 142 million to EUR 32 million in a single year. Assets have been sold off, demolition costs have been booked, and losses have been financed through loans from the parent company, which has injected more than EUR 11 million to keep the Slovak subsidiary afloat. Years of accumulated losses have pushed the business into negative equity.
The wider market, however, tells a different story.
According to Slovakia’s National Audit Office, government revenue from gambling has increased steadily over recent years, driven by the explosive growth of internet casinos. Levies from online operators have multiplied many times over since 2019, while income linked to physical gambling venues has fallen as municipalities impose tighter restrictions.
The watchdog argues that regulation has not eliminated gambling but relocated it. Players who once visited casinos now place bets from home, often on their phones. (The Slovak Spectator)