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Latvia to tap into “sin taxes” to finance culture

George Miller

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Latvia to tap into "sin taxes" to finance culture
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Latvia will reinstate the so-called “sin taxes” charged on alcohol, tobacco and gambling to finance the State Culture Capital Foundation, the national endowment which sponsors culture projects, the government decided Tuesday.

Representatives of the Cabinet of Ministers said that starting in 2022, the foundation’s budget will receive three percent of excise tax on alcohol, two percent of excise tax on tobacco, 1.37 percent of lottery tax and 2.21 percent of gambling tax.

The government will continue to provide its annual subsidy to the foundation during a transition period from 2019 to 2021.

The ministers decided to change the foundation’s financing scheme after hearing the culture ministry’s report outlining four possible financing options.
According to the ministry’s report, which has been published on the government’s website, culture in Latvia needs independent funding, something Latvia’s current government has promised to ensure.

Governmental representatives said the new financing scheme would enable the State Culture Capital Foundation to organize three project competitions a year, continue its program of lifelong grants and fund projects in prioritized areas like events targeting children and youth audiences.

It would also be able to consistently increase funding to target programs aimed at supporting cultural activity in Latvia’s regions.

Representatives of Latvian creative industries have been calling for an independent financing model for the State Culture Capital Foundation for more than a decade.
The foundation used to be financed with “sin taxes” until the government of former prime minister Einars Repse abolished the system in 2004.

 

Source: Xinhua

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Playtech PLC is at the 5-year lowest

Niji Ng

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Playtech PLC is at the 5-year lowest
Photo Credits: Margus Ansu/Postimees/Scanpix
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Playtech PLC, a gambling software developer recently lowered its revenue forecast as the company saw increased competition in the Asian market. This news caused the shares of Playtech PLC, London-listed company, to drop by about 30% the following day. The stock tumbled to a 5-year low of 5.3 British pounds.

A representative from the company commented on Playtech’s revenue prospects, saying: “Given the recent decline and in the absence of any change in market dynamics, we expect a significant impact on revenue throughout the rest of the year.” According to analysts at Investec, this drop could be as large as 25% of first-half average daily revenue in Asia. If the forecast is true, it reduces Playtech’s expected revenue from the Asian region by 70 million euros for the year. “Clearly the recent trading performance in Asia is disappointing,” – commented Mor Weizer, the CEO of Playtech. Aggressive pricing environment is being actively presented as the main cause of the underperformance in the Asian market.

According to Norske Casino webportal, Playtech’s overall performance, on the other hand, is strong and reassuring. Excluding the Asian market, Playtech showed a 7% increase in year-to-date average daily revenue in the B2B gaming business. Playtech expects to earn adjusted earnings before interest, taxes, depreciation and amortisation of 320-360 million euros in 2018. For comparison, Playtech’s EBITDA in 2017 was 322.1 million.

Playtech PLC has established itself in the gambling software market as an innovative provider who cares about the customer experience

Playtech, which was founded in Tartu, Estonia in 1999 offers software for products like online bingo, poker, sports betting, scratch games, mobile gaming and other online casino games. Since its founding, the company has grown quickly to become a powerhouse in the gambling software industry. It is currently listed on the London Stock Exchange and is a part of the FTSE 250 Index. Currently, the company employs over 5,000 people, has offices in 17 countries and has 140 global licenses.

Playtech focuses on customer experience and uses innovative technology to distinguish itself from the rest of the market. “We are committed to offering our partners best-of-breed gaming products and services across all platforms. Our vision is to remove the technology barrier for our customers, while keeping them at the forefront of innovation. With our comprehensive set of products, platforms and content,” – reads the company’s website.

Source: https://norskecasino.casino/nyheter/playtech-plc-pa-sitt-laveste-pa-5-ar/

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Latvia to launch receipt lottery next year

Niji Ng

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Latvia to launch receipt lottery next year
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Latvia’s State Revenue Service jointly and the state-owned lottery company Latvijas Loto will launch a receipt lottery in the country next year. The lottery will have weekly draws, offering 10 cash prizes of 200 euros each, and monthly draws offering 3000 euros.

The lottery is planned for receipts higher than 5 euros excluding value-added tax (VAT). The Latvian citizens need to register their receipts online, recording details such as the location they got the receipt and the phone number to contact them in case of the winning. There are no age restrictions for this lottery.

The lottery will not be cheap for Latvia: the development of a special IT-system will require 200 thousand euros, and the prize fund and administrative expenses will cost 250 thousand euros in 2019 and 2020. But the authorities plan that they will receive more from this venture than they will spend to implement it.

State Revenue Service expect that the receipt lottery will help in the fight against shadow economy and result in additional 3 million euro of taxes. The Latvian Government instructed the Ministry of Finance to increase the forecast of VAT revenues in 2019–2020 by 2.95 million euros. Latvians will start to ask for checks and thus help the State Revenue Service to deal with unregistered cash flow, and thus, Latvia will improve fair trade and fair payment of taxes.

 

Source: e-playonline.com

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Gaming Innovation Group signs first external sportsbook contract with MRG’s 11.lv in Latvia

George Miller

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Gaming Innovation Group signs first external sportsbook contract with MRG’s 11.lv in Latvia
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This is a milestone as the first external operator GiG has signed on its new sports betting services.

11.lv is Latvia´s third largest licensed iGaming operator and an existing customer of GiG. In June, MRG announced its acquisition of 75% of the shares in 11.lv.

Janis Tregers, CEO of 11.lv, says: “Adding GiG Sports products to our offering is an exciting moment for 11.lv on several fronts. First of all, we have always believed differentiation is the key to success in our industry. The flexibility of trading and odds-making tools built into this platform will allow our experienced bookmaker team to create an odds-offering which is truly unique and tailored to what customers in our market demand. Secondly, the all new mobile first front end. Although it can be seen as merely a recognition of where the industry has found itself today, we are confident the functionality and user experience of the new product will allow us to become the operator of choice as the industry continues to embrace the new mobile reality. Finally, the partnership with the team at GiG gives us full confidence the product will continue to evolve and provided the need, we will have the support and know-how required to grow our business further in our current market or any new ones.”

Robin Reed, CEO of Gaming Innovation Group Inc. says: “We are delighted to have signed with MRG to provide its brand 11.lv with our new cutting-edge and flexible sports betting services and to support 11.lv´s expansion. It is also a milestone for us having signed our first external contract for the new sportsbook. 11.lv is an existing customer of GiG and we will continue our successful collaborations to create an outstanding betting experience for its end users and grow the sports betting vertical together.”

The agreement is based on revenue share and is expected to go live in Q4 2018. The deal is expected to have marginal contribution on GiG´s overall revenues in 2018, with an increase in 2019 and beyond.

 

About Gaming Innovation Group (GiG):

Gaming Innovation Group Inc. is a technology company providing products and services throughout the entire value chain in the iGaming industry. Founded in 2012, Gaming Innovation Group’s vision is ‘To open up iGaming and make it fair and fun for all’. Through our ecosystem of products and services, we are connecting operators, suppliers and users, to create the best iGaming experiences in the world. Gaming Innovation Group operates out of state-of-the-art offices in St George’s Bay, Malta and is listed on the Oslo Stock Exchange under the ticker symbol GIG.

For more information about the Company and our services:

https://www.gig.com/

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