Latvia online gambling market up 35% in Q1 2019
Double-digit rises reported in all key verticals
Latvian online gambling market revenues grew by 35.4% year-on-year during Q1 2019, with combined revenues topping €12.3m (£10.6m).
New figures released by the Lotteries and Gambling Supervisory Inspection of Latvia (IAUI) show a 39.2% year-on-year rise in gross gambling revenues from online casino gaming which generated €8.8m during the first three months of 2019.
Revenues from online sports betting rose by 27.1% y-o-y during Q1, accounting for €3.4m of the total GGR accumulated during the quarter. Online poker tournament revenues also grew during the same period, rising by 15.1% y-o-y to €73,000.
Taxation of operators also rose during the period by 12%, with Latvian authorities collecting over €10.9m in lottery and gambling taxes from licensed operators.
Nine operators are currently licensed to provide online gambling services in Latvia, including LV Bet, Betsafe, Paf and Latvia’s largest gambling operator Optibet.
Latvia uses ISP blocking to stop unlicensed illegal operators from targeting the Latvian market, with regulators blocking 41 domains and 68 IP addresses during the first quarter of 2019.
Last month, the Latvian parliament approved amendments to Latvian gambling laws prohibiting Latvian banks from processing payments between Latvian punters and unlicensed international operators.
Under these new laws financial institutions and internet service providers (ISPs) will also be required to forward the names of Latvian citizens who attempt to transact with unauthorized gambling sites with individuals liable for administrative fines of up to €350 per incident.