iGaming Industry
Rise after fall: Latvian offline and online casinos learn how to earn massively
Over the past year and a half, the Latvian gambling business has become a prospective sector. In 2016, more than 50 companies obtained licenses and a total turnover increased by 18%. It is a quite significant success after the rough patch started for gambling in Latvia from the early 2000s.
On July 1, 2014, the Latvian Lotteries and Gambling Supervision Inspection (IAUI) started blocking international online casinos without the local license. From 2007 to 2015, 11 of 16 land-based casinos were closed. This trend was caused by the fact that authorities did not want to issue licenses and casinos were closed after the expiry of the previous permission.
Global economic crisis also discouraged the gambling business growth. Only from 2009 to 2010, revenues of land-based venues decreased twice. Latvian online and offline gambling faced hard times.
Lucky streak of Latvian gambling business
Everything has changed over the past year and a half. The Latvian Lotteries and Gambling Supervision Inspection recently provided the report on the first half of 2016: the industry total income reached €113 million (increased by 10%), while financial turnover increased 8.5% and was €102.2 million.
A dramatic improvement was caused by several segments:
- videogame income increased by 74%;
- betting income grew by 17%;
- slot machine income increased by 4%.
Previous year, 320 gambling rooms operated in Latvia with 9000 slots, 18 roulette tables and 55 card game tables.
Only 6 of 13 registered operators are active on the Latvian market: Joker, Latvijas Loto, Admiralu Klubs, Alfor, Optibet and Olympic Casino. The latter owns a major venue called Olympic Voodoo and 20 gambling clubs.
Latvia’s online casino revenue was €18 million in 2016, four times more than two years ago. Currently, 7 online casinos are operating on the market. The country provided 57 betting pools with licenses.
Inspection representatives believe that online operators’ revenue has increased due to the expanded range of services. Users have no reason to visit illegal resources when they can test new slots, bet or play their favorite card games on safe platforms.
Promising future of Latvian gambling
The Latvian gambling business has perfect prospects. It is proved by the fact that Playtech, gambling software developer, has established the live casino studio in Riga.
The world’s largest studio is located in the very heart of the Old Town. It is equipped with advanced software and hardware, cameras, customized tables and has a great amount of gambling zones.
The Latvian studio will cover a majority of European live casinos, providing players with the access to the best game content anywhere and anytime.
The country shows an increasing interest to the gambling sector, among businesses as well: this year, Riga will host its first specialized gambling conference for those whose professional interests are related with gambling.…
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Source: EEGaming.
BetConstruct, a global leader in the iGaming industry, is going to showcase its cutting-edge solutions at the highly anticipated Global Gaming Expo (G2E), taking place from October 7-10.
As the premier event for the global gaming industry, G2E serves as a hub for innovation, driving growth by bringing together industry professionals from around the world to foster business opportunities.
Taking place at The Venetian Expo in Las Vegas, this all-in-one event features both an education program from October 7-10 and an expansive expo hall running from October 8-10.
BetConstruct’s stand is 5230, where the team will showcase an exciting range of products, including the newly launched the Last Battle, a novel loyalty system that is the byproduct of BetConstruct’s commitment to innovation. The company will also demonstrate its comprehensive Sportsbook and Casino Suite, along with DECA, its next-level decentralised casino platform, and Umbrella, an AI-powered risk management solution. These offerings are designed to meet the needs of a diverse range of operators, ensuring seamless and engaging experiences for players across the regulated market.
Amusnet has announced its participation in the 23rd edition of G2E Las Vegas (Global Gaming Expo) at The Venetian Expo from October 7-10. As one of the largest expos globally, G2E provides a platform for the company to showcase products across its Online Casino, Live Casino, and Land-based verticals, positioning Amusnet as a prominent all-casino provider in the competitive iGaming industry.
“We are excited to attend G2E Las Vegas 2024 to present our latest online casino portfolio and Type S slot cabinets: our first-ever product series for Land-based casinos, designed to offer a competitive edge by combining Amusnet’s top-notch game portfolio with an immersive player experience. Our focus is on delivering solutions that maximize performance and cater to the evolving needs for both online and land-based casinos,” said Borislav Marinov, Head of Business Development, Land-based, at Amusnet.
Alongside its technical excellence, the premium Type S series showcases the company’s award-winning titles, including 20 Golden Coins, Extra Crown, Fruits & Gold, and Cocktail Rush. It also features Amusnet’s popular four-level bonus game, Jackpot Cards, along with other exciting features like Free Spins, Buy Bonus, Pick Me Bonus, and Symbol Upgrade.
Amusnet will host an activation featuring its premium slot cabinets at the upcoming expo, offering attendees the opportunity to experience the thrill of Type S in real time and win exciting gifts.
SoftGamings, the market leader in iGaming solutions and services, announced the arrival of the Tobique Gaming License on the market. The move reflects the company’s commitment to enhancing regulatory compliance and expanding its footprint in the competitive iGaming industry.
Tobique Gaming, managed by the Tobique First Nation in western New Brunswick, Canada, oversees the issuance of online gambling licenses through the Tobique Gaming Commission (TGC) — a regulatory body established under the Tobique Gaming Act of 2023. This initiative is known for its stringent standards and emphasis on responsible gaming. Furthermore, it promotes economic development within the Tobique First Nation community.
The Tobique Gaming license provides operators an entry point into the online gaming and gambling industries. With it, businesses and iGaming operators can conduct operations in various global regions and offer multiple services, from betting to casino games and lottery promotions. The best of all is the streamlined application process, which lasts only 4 to 6 weeks.
SoftGamings is fully prepared to support clients and those interested in obtaining this license. Leveraging its innovative technology and diverse game portfolio, SoftGamings is ready to support clients in navigating the application process and leveraging the benefits of the Tobique Gaming License. The company’s comprehensive services include game development, casino management systems, and payment integrations, making SoftGamings a preferred partner for numerous operators and developers worldwide.
Consequently, helping the clients obtain the Tobique Gaming license and being an entry point represents a significant milestone in SoftGamings’ ongoing efforts to refine its service offerings, maintain the highest standards of gaming integrity, and bolster its regulatory standing. As the company moves forward with this licensing process, it anticipates a positive impact on its operations and continued success in delivering exceptional gaming solutions to its global clientele.
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