iGaming Industry
Gambling in Latvia: benefit or harm for state?
Gambling in Latvia is one of business areas, showing a steady growth. According to the results of 2016, the industry is ready to enter a pre-crisis level; however, changed government policy towards the gambling sector challenges not only its development but also its existence within legal environment. Market analysts are trying to find out whether the gambling business provides Latvia with benefits or whether its development is indeed related with harmful consequences for the country.
Gambling in Latvia in figures
Here is a brief information on the gambling business in Latvia as of June 2017:
- 315 gambling halls;
- 8826 registered slot machines;
- 6 land-based casinos;
- 183 gambling tables.
The majority of venues are located in Riga.
Gambling business owners make significant investments in the industry. Over the past 5 years, investments have reached around €102 million and been used for safety control, real property purchase, acquisition of new games and slot machines and reconstruction of gambling halls.
2016 was an especially successful year for the Latvian gambling sector, completing with the turnover of €264 million (a little less than the pre-crisis record: €264 million in 2007). €29.1 million of that sum went to the state treasury and €7.9 million to local self-governments.
Taxation
Latvia was attractive for gambling organizations until 2017 due to the fixed tax rate and absence of double taxation. But now, the government is starting a tax overhaul, supposing the increase of gambling taxation. In 2017, one also adopted a prohibition on locating gambling halls in the historic city center, save for territories of major hotels.
The Ministry of Finance has the following plans:
- income tax on lottery winnings;
- 20% dividend tax;
- increase of gambling business taxation up to 30%.
If the amendments are approved, they will be accepted this fall. Industry experts believes that it will lead to the decrease of the amount of gambling halls, reduction of staff and cutting of wages. According to some forecasts, the legal industry will be destroyed and this sector will become shadow. Meantime, research shows that the gambling development not only has a disastrous influence on the economy and social aspect but also provides significant benefits.
Who visit’s gambling halls?
In 2016, SKDS surveyed gambling lovers in order to assemble a psychological profile on a common player and find out how much Latvian citizens are affected by problem gambling.
The survey has revealed the following facts:
- More than two-thirds of Latvian citizens aged 18-74 years have never gambled.
- Primarily, casinos and slot machine halls are attended by working men aged 25-34 years.
- A majority of gamblers aim to go out, in other words to have a time out of home among like-minded people.
- A share of Latvian playing in online casinos increased by 11% in five years.
- Two-thirds of gamblers spend up to €10 per month.
- One-fifth of respondents win around €10 per month.
- Another 13% of players win from €11 to €50.
- Only 11% of respondents believe that they are addicted to gambling. Besides, more than 30% of them say that they are affected by serials and social media, while 46% admit their computer dependency.
These data proves that the problem gambling issue in Latvia is not quite critical. On the contrary, a majority of citizens refer casino visits to a part of their social life.
Gambling industry benefits
Not only does legal gambling play an entertainment role, but it also brings a huge sum to the budget in terms of tax liabilities.
Adopting laws on gambling restrictions, authorities were going to compensate expected state treasury losses by increasing the excise tax on fuel, cigarettes and spirits. However, €29.1 million (and €7.9 million for municipal governments) is quite a significant sum for the country with the budget of €8.066 billion for 2018.
This gambling situation is still disputable. The Latvian Association of Gaming Business (noncommercial association) and government are engaged in a tough talk. Thus, the main topic of Riga Gaming Congress international conference is gambling business prospects in Latvia. Is there a future for Latvian gambling? Experts from various countries and industries will answer this question.…
The post Gambling in Latvia: benefit or harm for state? appeared first on Eastern European Gaming – News – Interviews – Legal Market Updates – Premium Reports – Events – Directory.
Source: EEGaming.
Alejandro Navarro
Betski Secures $345,000 in Pre-Seed Funding for First-ever Tokenized Casino Ownership Platform
Betski is set to launch its online casino ownership platform in Q1 of 2025, enabling users to earn casino profits through digital tokens. The system will allow anyone to receive a share of casino earnings without managing casino operations, marking a new chapter in the multi-billion-dollar iGaming industry. Supported by a $345,000 pre-seed funding round, the platform aims to democratize access to casino earnings and reshape the multi-billion-dollar gaming industry.
Opening Casino Ownership to Everyone
The platform’s tokenization system reshapes traditional casino business rules through an automatic profit-sharing program. Token holders receive a percentage of every bet placed on the platform.
This system eliminates steep entry costs, such as operational expenses, licensing fees, and administrative management. Users can start earning returns without previous casino experience or large capital investments.
“A small group have exclusively enjoyed casino industry profits until now. Our platform opens these earnings to everyone through our tokenized profit-sharing system, turning users into online casino owners,” said Alejandro Navarro, founder and CEO of Betski.
Direct Profit-Sharing Through Tokens
Through a verified digital system, the ownership program distributes Gross Gaming Revenue (GGR) among token holders. Investors have recognized this potential, contributing $345,000 in pre-seed funding that combines gaming entertainment with digital asset ownership. The platform maintains strict security protocols and automated distribution systems for reliable profit sharing.
“The platform distributes real money to token holders from every bet placed by players. This creates a steady income stream for online casino owners – something the traditional casino structure has never offered,” said Navarro.
Global Growth of Online Casino Ownership
The platform has attracted 2400 active Discord members and over 20,000 followers on X (formerly Twitter). These early adopters are expected to participate in test runs of the profit-sharing system once it goes live. Over the next 24 months, the platform will roll out first in Latin America, followed by expansion into European and select Asian markets.
Betski offers casino games, live casino experiences, eSports betting, global lotteries, fantasy sports, and traditional sportsbooks. This variety creates multiple revenue streams for online casino owners. Players can access all gaming options through a single interface, which streamlines the betting experience and maximizes potential returns for token holders.
The team has partnered with major payment processors and marketing agencies to support the platform’s global expansion. These collaborations will facilitate smooth transactions and user acquisition across different regions. The platform meets all regulatory requirements in its target markets, certifying long-term stability for token holders.
New Opportunities for Investment
Following the successful pre-seed round, Betski is now opening its seed funding round to welcome additional participants into its casino ownership platform. This investment opportunity enables individuals and entities to join the platform’s growth journey ahead of its official launch in Q1 2025.
eCOGRA, a leading international authority in Testing, Inspection and Certification services for the iGaming industry, has secured new regulatory approvals across three key jurisdictions: Arizona, Indiana and Panama. With these developments, eCOGRA strengthens its position in the U.S. and Latin American markets, offering excellence in compliance through their Quality, Speed, and Service promise.
This strategic expansion allows eCOGRA to conduct independent compliance audits and certification services in each region, addressing the growing demand for rigorous regulatory oversight in the fast-evolving global iGaming industry.
Securing approval in Arizona, where eCOGRA has now been licensed as an Event Wagering Ancillary Supplier, enables the International Testing Laboratory (ITL) to audit event wagering licensees in line with Arizona’s expanding regulatory landscape. Indiana, which introduced online sports betting in September 2019, has authorised eCOGRA to perform regulatory compliance audits, providing licensed operators with crucial assurance in meeting the state’s high standards.
In Panama, the Board of Gaming Control officially recognised eCOGRA as an Authorised Entity for Compliance Certification, specifically for slot machines and gaming software. This endorsement reinforces eCOGRA’s role as a trusted partner for operators seeking to meet stringent regulatory requirements in Latin America’s emerging iGaming sector.
“Our recent approvals in Indiana, Arizona, and Panama underline our dedication to continually expand our offering, to support our growing portfolio of clients with their global growth plans. We are committed to ensuring that we bring the same quality, speed and service that marks us out to both our clients and regulators in these dynamic markets,” said Will Shuckburgh, Group CEO of eCOGRA.
Bradley Khoury, Chief Technology Officer at eCOGRA, said: “Securing licensure as an Event Wagering Ancillary Supplier in Arizona and an Authorised Entity in Panama underscores our dedication to supporting responsible and sustainable iGaming operations. We are committed to driving trust and accountability within the industry by providing compliance solutions that uphold the highest standards.”
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.
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