Came across an iGB piece this week on Armenia.

On the B2B side, there's essentially no gaming-specific licensing requirement at all. Companies offering software, risk management, or back-office services just need standard corporate and AML compliance. Over 20 international firms relocated there in the past year, some bringing workforces of up to 1,500 people. The country's tech sector produced $3.1 billion in output in 2024, so there's a ready talent pool.

The B2C side is the complete opposite. An annual licence costs at least $1 million, which has kept the market down to just five licensed operators — four of whom rank among Armenia's top 10 taxpayers. BetConstruct and Digitain are the two homegrown giants with thousands of employees each.

The Central Bank just introduced a formal crypto licensing regime in January — a full reversal from its previous stance. One law firm applied for six crypto licences in three months, four of them for gaming entities. And the government is building a centralised monitoring system to track every bet and withdrawal in real time across both online and land-based, which is either impressive or alarming depending on your perspective.

The weak point is still banking and payment processing, which apparently remains cumbersome compared to Malta or Gibraltar, and a lot of companies end up opening accounts abroad anyway.

Has anyone here dealt with Armenian operations, or has views on how viable it actually is as a base?

Source: igamingbusiness.com/igaming/is-armenia-becoming-igaming-industry-unusual-hub