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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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Gambling News :
Phil Ivey Loses Borgata Casino -
Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.
NYX Gaming in deal with Endemol -
"Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”
NEW CAMBODIAN GAMBLING LAWS -
After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.
Playtech Acquires ECM Systems -
Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.
Marks and Spencer store Manager steals to Gamblie Online -
The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.
Chinese Gambling crackdown could damage high roller revenue -
Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.
EvenBet Open Face Chinese Poker -
Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.
2016 EPT Malta -
The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.
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