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Latvia to launch receipt lottery next year

Niji Narayan

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Helio Gaming launches live lottery
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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

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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Baltics

Five Latvian Gambling Operators Sign Responsible Gambling Agreement

Niji Narayan

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Five Latvian Gambling Operators Sign Responsible Gambling Agreement
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Five gambling operators have signed an agreement to improve the responsible gaming standards in Latvia. The five operators are Paf (Pafbet in Latvia), Betsafe, Optibet, 11.lv and Feniksscasino.

“Among other things, we will introduce facilities for self-tests, deposit limits, the closing of specific game categories, proactive information on responsible gaming and a whole host of other measures. It will be a clear improvement on what the gambling law in Latvia requires,” Rihards Streikis, Paf’s manager in Latvia said.

“Paf’s licensed brand in Latvia, Pafbet, may currently have a small part of the market but we have the most developed responsible gaming. We are an example for the other operators,” Rihards Streikis said.

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Baltics

Synot Games Signs Deal with Latvian Operator 11.lv

Niji Narayan

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Synot Games Signs Deal with Latvian Operator 11.lv
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SYNOT Games has signed a deal with 11.lv, the leading online casino in Latvia. As per the deal, the customers of 11.lv can play SYNOT Games’ hot and infernal Hell Mania, classic fruity slot Respin Joker and many more.

“We are excited to expand our portfolio in the Baltic area and bring our games through such a strong partner as 11.lv on this market,” Ivan Kodaj, CEO of SYNOT Games said.

“We are very pleased to release SYNOT Games content to our customers. We believe in providing our players with the biggest possible choice of Latvia certified casino content and letting them choose what games they prefer. We are confident that SYNOT Games will quickly acquire their place in our customers’ list of preferences. We have seen content with land-based presence in the market gaining online traction quite fast,” Janis Tregers, CEO and Founder of 11.lv said.

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Baltics

Latvian Government Supports Gambling Tax Hike

Niji Narayan

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Latvian Government Supports Gambling Tax Hike
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Latvia’s Cabinet of Ministers has supported the Finance Ministry’s proposed Law amendments on Lotteries and Gambling Fee and Tax, providing for an increase in gambling tax next year.

The existing tax for gambling machines is EUR 4164. In 2020, it will be EUR 6000. The law amendments will also increase the gambling tax rate for roulette, cards and dice games from EUR 23400 to EUR 28080.

It is also planned to change gambling tax revenue division between the state and municipal budgets, providing gambling tax revenue – 90% for the state budget and 10% to budgets of municipalities in which gambling is organised. The current ratio is 75% for the state budget and 25% for municipal budgets.

Raising the tax rate by 44% or EUR 6000 per gambling machines, it is expected the number of gambling machine numbers to decline by 5% – from 8680 to 8247 per year.

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