In early days, due to government restrictions on gambling, it was not popular at all among Latvians. However, soon after restoring its independence in 1990, gambling market in Latvia started flourishing. In 1991, the first Latvian land casino was opened.
However, as there was no government licensing body at the time, many of these establishments were operating in a gray market. 1994 saw many casino operators leave Latvia as the government tried to squeeze out massive tax revenue.
This turned for the better in 1998, when the Lotteries and Gambling Supervisory Inspection body was formed. This regulatory body is in charge of licensing and regulating all gambling and lottery companies in the country.
Gambling in Latvia Today
This paved the way for many new casino brands to enter Latvia and generate excellent tax revenue for the government. This is why in 2006, 2013, 2015 and 2016 additional amendments to the Law on Lotteries and Gambling were made. Based on these amendments, Latvia has more than 60 land casinos and many similar betting establishments today.
As far as online gambling is concerned, it was officially legalized in 2003 and final regulations were completed by 2007. Those who seek to offer gambling services through the Internet must meet certain criteria in order to acquire a license. The most important rule is that operators must be at least 51% owned by Latvians, and have headquarters on Latvian soil.
The current state of the gambling industry in Latvia is in fact better than in most countries in the world. For such a small Baltic state, it is impressive that players can legally enjoy online games by top providers such as NetEnt, Microgaming, Big Time Gaming, and so forth.
If the country allows foreign operators to acquire a license by the Latvian government while still keeping their foreign headquarters, a significant market boom can be anticipated.