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Olympic Entertainment Group loses Latvian lawsuit

George Miller

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Olympic Entertainment Group loses Latvian lawsuit
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The listed Estonian casino operator Olympic Entertainment Group (OEG) announced on Friday that it has received a decision of the District Administrative Court in Riga concerning the OEG casino at the address 1 Pragas Street, in which the court has ruled in favor of the Riga City Council.

According to the city council’s decision, the casino has to close in October 2022. OEG will appeal the decision to higher level court, OEG said in a disclosure to the stock exchange.

42 gambling halls were struck by Riga City Council’s decision to close them (apart from those located in five- or four-star hotels) back in May 2017.

Their respective operators have turned to court to appeal the decision and keep their operations running but it seems that there is no good news ahead for gambling companies.

Olympic Entertainment Group CEO Madis Jääger had previously asserted that – should the Court rule as it just has – the operator (which operates seven out of the 42 halls affected) “will appeal the decision to higher level court.” Still, the company will see its Olympic Voodoo Casino’s revenues benefit from the City Council’s decision as it doesn’t fall under the ban and will attract gamblers from all the other venues.

 

Source:FocusGamingNews

Baltics

Head of Latvia’s FIU Says Gambling Industry has also been Used for Money Laundering

Niji Narayan

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Head of Latvia’s FIU Says Gambling Industry has also been Used for Money Laundering
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Ilze Znotina, Head of Latvia’s Financial Intelligence Unit (FIU), has revealed in an interview that the Latvian gambling industry has also been used for money laundering.

“Unfortunately, it is clear that the gambling sector has also been used for money laundering purposes,” Znotina said.

Znotina, however, said she could not reveal the details, and that the conclusions and results would be released later.

Znotina said that the FIU had developed very close and successful cooperation with the Lotteries and Gambling Supervision Inspection. However, the gaming industry is large, it turns over a lot of money and there are some companies in the industry that have come under close scrutiny.

The work that the FIU is currently doing could lead to changes in the supervisory and crime prevention systems, Znotina said.

Nevertheless, the banking sector will always be the main platform through which attempts are made to launder money, Znotina explained.

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Baltics

Latvian Operators Fight Gambling Suspension in Court

Niji Narayan

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Latvian Operators Fight Gambling Suspension in Court
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Online gambling activities have been banned in Latvia since the beginning of April, after clarification was issued on the emergency COVID-19 bill. Now, the Constitutional Court of Latvia has initiated two legal cases from operators challenging the gambling ban.

The operators say that the emergency bill violated the Constitution of the Republic of Latvia which deals with property rights. In article 105, the constitution states that “property may not be used against the public interest. Property rights may be restricted only in accordance with the law.”

“Compulsory expropriation of property for the needs of the public shall be permitted only in exceptional cases on the basis of a separate law against fair compensation.”

The operator Enlabs said the right to private property included the right to conduct business. They added that the restriction of its ability to conduct business was “disproportionate to its legitimate aim to deter society from wasting expenditures.”

Online gaming operator Alfor Group said that the bill violated the principle of equality since the constitution states that “all people in Latvia are equal before the law and the court.”

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Baltics

OlyBet joins the world’s largest poker network as of April 30, 2020

George Miller

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OlyBet joins the world's largest poker network as of April 30, 2020
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Olympic Entertainment Group today announces that it has signed a strategic partnership agreement with GGPoker Network, the world’s largest online poker network. The agreement ensures that, from April 30, 2020 onwards, OlyBet players will be able to access all of the exciting offers and unique features that thrill GGPoker Network players the world over.

“GGPoker Network is the wunderkind of the post-boom online poker business and this deal is great news for all OlyBet players of today and tomorrow. GGPoker Network, which started operations in Asia, is one of the clear leaders in global online poker and massive growth lies ahead in Europe and North America,” said Veiko Krünberg, Managing Director of OlyBet.

The partnership extends to all of the current and future markets of OlyBet and the poker room will move to GGPoker Network simultaneously in all of its online poker markets.

“OlyBet is arguably one of the most experienced poker operators in Europe. In addition to online poker, OlyBet owners Olympic Entertainment Group is famous for organizing top European poker festivals such as the Battle of Malta and Kings of Tallinn,” said Jean-Christophe Antoine, Head of GGPoker. “We want OlyBet to become the dominant poker player in their markets and GGPoker will support OlyBet 100% in achieving this,” Antoine continued.

The news comes shortly after it was announced that the $100,000,000 guaranteed WSOP Super Circuit Online Series would be hosted on GGPoker Network with hundreds of individual events taking place from May 3 to May 31. “For OlyBet this announcement is perfect timing; we’ll give all our poker players a chance to get in on the thrilling WSOP Circuit action, all from the comfort and safety of their own homes,” Krünberg said.

After launching in Asia in 2014 and seeing rapid growth in recent years in Europe, Canada and elsewhere, GGPoker Network became the world’s largest online poker network and averages around 30,000 concurrent players. In late 2019, GGPoker Network made headlines when it guaranteed a total prize pool of $50,000,0000 in its GGSeries 3 online poker tournament series. The network’s pro team includes iconic poker players such as Daniel Negreanu, Bryn Kenney and Bertrand “ElkY” Grospellier.

OlyBet will switch to GGNetwork from April 30, 2020. The new poker software will be available on OlyBet in all local languages for both Windows and Apple computers, as well as for Android devices whilst iOS users should wait for OlyBet’s App Store launch.

 

About GGPoker:

GGPoker Network is the world’s largest online poker network and offers a range of innovative games and features such as the newly launched Jackpot Sit & Go Tournaments ‘Spin & Gold’, Fast-Fold Poker Rush & Cash, Tournament Staking… all designed to enhance gaming experiences and make poker more fun than ever. In May 2020, GGPoker will host the WSOP Super Circuit Online Series, an online poker tournament series featuring hundreds of events and massive cash prizes.

About OlyBet:

OlyBet is the largest provider of online poker, sports betting and casino games in the region, operating in the Baltics and Finland. OlyBet is the online brand of Olympic Entertainment Group, Europe’s leading casino operator. The group has more than 100 casinos in Estonia, Italy, Lithuania, Latvia, Malta and Slovakia.

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