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Latvian Online Gambling Law Review
Sunday July 31,2011 : Hefty general licence entry fees and stringent requirements for new operators
The Latvian Lotteries and Gambling Supervisory Inspection in conjunction with the Ministry of Finance is in the process of reviewing existing land and online gambling laws according to Vostokreport.com.
Home to some impressive online gambling software companies, the pastime has been legal since 2003, with a 10 percent interactive betting tax that has not discouraged some 160 operational sites from springing up.
Key amendments to the legislation that affect online gambling include:
- A general Gambling license to operate interactive (online) games.
Licence requirements and costs include: LVL 1 million (GBP 1 234 400) shareholders capital, share of non-EU equity holders can not exceed 49 percent, impeccable reputation, general license entry fee of LVL 300 000 (GBP 370 321) with an annual renewal fee of LVL 25 000 (GBP 30 860)
- ISP ban of unlicensed operators’ websites
- Payments ban to unlicensed operators bank accounts
- 5 percent gambling tax on gross gaming revenue
- Licensed operators will be permitted to advertise during Olympic games and related events (media and at the venues) provided they are official sponsors of the Latvian Olympic Committee and/or certain sport federations
- Age restriction: Players must be at least 21
Existing licensees, such as the Olympic Entertainment Group (OEG), would find themselves in a strong position should the proposals be adopted as they would be unaffected by the hefty licence entry fee.
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The Golden State Warriors will play in their third-straight NBA Finals. They completed their sweep of the San Antonio Spurs Monday night, rolling to a 129-115 victory as 12-point road favourites; Golden State opened the season as a –250 chalk to win the Western Conference.
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“Stingy” is a word that many have used to describe the Ottawa Senators in Round Three. The Sens know that they’re overmatched against a Pens lineup that features the likes of Sidney Crosby, Evengi Malkin and Phil Kessel, but with determined defensive play, Ottawa managed to frustrate the Penguins on their home ice, stealing one of two games.
NBA Odds: Will Cavaliers Be Rusty in Game 1? -
The Boston Celtics needed seven games to get past the Washington Wizards, but they got the job done Monday night, winning 115-105 as 5.5-point home favourites. Next up: the defending champion Cleveland Cavaliers, who visit the Garden Wednesday night at 8:30 PM ET on TNT.
4 New Microgaming Releases in May 2017 -
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PKR Company Statement Update -
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Microgaming Wins The Spark Award 2017 -
The Spark Award celebrates organisations that experiment with ways of working differently. Previous winners include GCHQ and Places for People. It’s a part of Spark the Change, a global movement dedicated to empowering people and building happier workplaces.
NHL Predators First Ever Conference Finals Appearance -
With three of the team’s top four point scorers residing on the blueline, the Nashville Predators have found a strategy that frustrates even the best in the West. After qualifying as the lowest-seeded Western Conference team, the Predators made quick work of the Chicago Blackhawks (4-0) and St. Louis Blues (4-1) in the first two rounds.
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