It has been officially confirmed that the Latvian parliament intends to ban gambling halls in the country. Regarding the recent decision, local New Conservative Party MP Juris Juras noted that casinos can only be housed in large hotels. Currently in Latvia 58 luxury hotels in the capital Riga and 17 in regions throughout the country enjoy this right.
Investments in gambling
Latvia needs significant capital to stimulate the activities of bookmakers throughout the country. According to current estimates, the country requires only 427,000 euros to acquire a license. All capital for gambling purposes must include EUR 1.4 million. If all goes well, Latvia can count on tangible revenues from this industry.
In terms of the latest news about the ban, Yana Salamina, who works as a spokesman for the Ministry of Finance, said:
Streamlining the sports betting business continues. Anyone interested in the regulation of gambling can submit proposals related to gambling. Politicians can make any suggestions, including the parties involved. While we are waiting for possible proposals, the parliament has already prepared a draft for consideration.
Over the years, we can observe a significant increase in gambling income in Latvia. Compared to 2017, betting income increased by 11.7%, amounting to € 277.701 million. Reports provided by the National Lotteries and Gambling Supervision Inspectorate.
Current situation in Latvia
At the moment, 15 large bookmaker companies operate in the local gambling market. In addition, there is a joint stock company – Latvijas Loto, owned by the state. In 2018 alone, gambling operators achieved a significant increase in turnover of 10.5%, totaling € 293.467 million. During the same period, all 16 operators received approximately € 80,998 million, an increase of 18.5% over 2017.
As a reminder, just a week ago Latvia decided to close 20 illegal gambling sites to support the entire gambling sector. Some of the prohibited platforms: playmillion.com, redkings.com, lunacasino.com, sunnyplayer.com, platincasino.com, exclusivecasino.com, slotsmagic.com, drueckglueck.com, quvegas.com, vegaswineenner.com, eucasino.com and others …
The changes in the Baltic region are always interesting. For those wishing to keep abreast of the expected trends, the Mare Balticum Gaming Summit will be held, which is being organized for the second time. The conference is scheduled for May 9 at the luxurious Radisson Blu Royal Astoria Hotel in the capital of Lithuania, Vilnius.