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Latvian Parliament Approves Amendments to Gambling Laws

Niji Narayan

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Latvian Parliament Approves Amendments to Gambling Laws
Photo Source: saeima.lv
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Saeima, the parliament from Latvia, has approved the amendments in the final reading of the Law on Lotteries and Gambling Fee and Tax. The tax revenue from gambling that the state perceives has increased from 75% to 95%.

The amendments were designed to increase tax revenue for the state and help cover budget gaps. Before the amendments, the state budget received 75% from gambling tax revenue, while 25% went to municipalities’ budget. During the first reading, parliament members suggested to increase the state’s percentage to 90%, but the coalition agreed on 95%.

Other amendments, which will come into force with the gambling law in 2020, establish that gambling tax rate for roulette, cards and dice games will rise from €23.4k to €28k a year. Tax for gambling machines will increase from €4.1k to €5.1k.

Baltics

Gaming Innovation Group signs with Mr Green in Latvia

Zoltan Tundik

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Swedish Consumer Agency Warns Mr Green and Karl Casino for Self-exclusion Failures
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Gaming Innovation Group Inc. (GiG) has today signed a long-term agreement with SIA Mr Green Latvia (Mr Green) for the provision of its software platform licence, online casino, sportsbook and front end services for Mr Green’s brand entry into the Latvian market. Mr Green, part of William Hill plc, is one of GiG’s existing partners.

This new agreement further strengthens GiG’s presence in the Latvian market where the Company already supports the sportsbook solution of the 11.lv brand (75% owned by Mr Green). It proves the strength of GiG’s services and collaborative partnership model, supporting the growth of online gambling with new brands and markets. Mr Green will, with GiG’s services, be able to offer its end users a competitive online casino and sportsbook with a unique front end where user experience and differentiation as key.

Mr Janis Tregers, CEO Mr Green Latvia, says: “This is an exciting moment for the William Hill Group business in Latvia, where we move forward with our strategy to introduce a global brand such as Mr Green to the market. We see it as the perfect compliment to the locally well established 11.lv brand, also hosted on the GIG platform. By working closely with GIG and leveraging their technology from product, compliance and other aspects we have been able to propel 11.lv to second position among leading brands in the market. It is now time to make Mr Green a similar success.”

Richard Brown, Chief Executive Officer in GiG says: “I am pleased to announce this expansion of our collaboration and partnership with Mr Green. Latvia is an interesting market for online gambling, we are looking forward to support Mr Green’s growth with a strong, safe and entertaining product.”

The agreement is based on revenue share and is expected to go live in Q2 2020 with a limited contribution on GiG’s overall revenues in 2020, and an increase in 2021 onwards. The Latvian interactive gambling market is expected to grow by more than 35% in the next two years with a market value of approximately 125 million euros in 2022 (Source H2GC).

To learn more about the gambling industry in the Baltics, make sure to attend the MARE BALTICUM Gaming Summit which will take place on the 7th of May in Tallinn, Estonia. Read more here…

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Baltics

SoftSwiss Acquires Kingswin Online

Niji Narayan

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SoftSwiss Acquires Kingswin Online
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SoftSwiss has entered into the regulated Estonian market through the acquisition of online gaming operator Kingswin Online.

Kingswin is a reputed eGaming company based in Estonia. It runs kingswin.com, an online casino powered by the SoftSwiss platform since 2015.

“SoftSwiss’s acquisition of Kingswin provides a major growth opportunity for both our businesses through an extended service offering for our clients. With a range of high profile clients, the acquisition of Kingswin supports the SoftSwiss strategy to lead the market and provide a complete online gaming solution in various counties,” Ivan Montik, Founder of SoftSwiss said.

SoftSwiss is planning to offer White Label solutions under the Estonian license in addition to Curaçao and Malta gaming licenses the company already possesses. Furthermore, it provides additional benefits in the form of a wide range of payment systems that can be used in operations.

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Baltics

Lithuanian Lottery Turnover Increases During First Nine Months of 2019

Niji Narayan

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Lithuanian Lottery Turnover Increases During First Nine Months of 2019
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The Lithuania Gambling Supervisory Authority has reported that the turnover from lottery gaming during the nine months to September 30, 2019 increased by 10.1% year-on-year to €82.3m ($91.2m).

Operators that run lottery games in Lithuania sold a total of 85.2m tickets in the three-quarter period, up 14.0% on 74.7m in the corresponding period last year.

Lottery in Lithuania is spread across the categories of digital, instant, classic and sports. Instant was the most popular form of lottery in the period, accounting for 59.7% of ticket sales.

In terms of online gaming, consumers spent $5.9m on internet lottery during the nine months, representing 7% of total sales. Players won a total of €4.1m via online lottery games.

Total player winnings for the period amounted to €46.3m, up 14.7% on last year, which in turn meant operators turned a collective gross profit of €35.9m, an increase of 4.6% on €34.3m in the first nine months of 2018.

The Authority also revealed that licensed operators paid a total of €13.9m in tax for lottery gaming, while such companies also donated a collective €6.6m to charity and support projects.

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