The betting market is seeing active development, not only in Europe, but also in the CIS. Latvia is one of the largest representatives of the CIS and Baltic states. Sports betting services here are provided by European bookmakers that operate under an offshore license issued on the Isle of Man, in Curacao, or elsewhere. Internationally-licensed Russian and European bookmakers operate in the country. Despite the different licenses and origins, players’ requirements for betting companies remain the same: reliability, a broad range of events and prop bets, a user-friendly website and good withdrawal options.
Legality of the Bookmaking Business
There is no ban on bookmaking in Latvia. However, there are a number of companies that are blacklisted and blocked by regulatory authorities. There is a developed network of bookmakers with betting shops and bookmakers specializing in online betting in the region. Since Latvia is part of the EU, both local bookmakers and those registered in Europe are present in the country. Two laws in Latvia have regulated the betting industry since 1994: – “On Lotteries and Gambling” – “On Taxation of Lotteries and Gambling” The country has a blacklist of bookmakers that have been blocked since 2014. Bookmakers registered as offshore companies are banned in Latvia. Only bookmakers with a local license or a license issued in one of the EU countries are allowed.
Big Legal Bookmakers
The legality of the bookmaking business still does not guarantee you a broad choice of bookmakers. Olybet and Optibet are the biggest bookmakers with an extensive network of betting shops in Latvia. These two bookmakers were the first to be licensed to operate in the country. The guarantee of bookmakers’ legal status is that they own a network of betting shops. Most bookmakers registered in Europe can be used for legal betting, for example, Unibet and William Hill. It is worth noting that there is a blacklist of bookmakers in Latvia, which is constantly updated. Playing at such a bookmaker can lead to the imposition of a fine.
How to Choose a Bookmaker for Betting
The Bookmaker Expert website presents the best bookmakers accepting players from Latvia. When compiling our ratings, we took into account: – Possession of a license, in this case, issued in Latvia or the EU. – The option to open an account with the national currency. – Time needed for processing bets and withdrawal requests. It usually takes no more than 12 to 36 hours to process a request and transfer funds. There are bookmakers that offer instant withdrawal of winnings. – Availability of customer support and communication methods. Reviews from real players and the existence of mobile applications are no less important factors when compiling our ratings. We look for places that simplify operating activities and accept bets online. The main betting currency for players from Latvia is the euro, but a number of bookmakers accept bets in dollars and pounds as well. Players have access to local bookmakers, officially approved foreign bookmakers and offshore bookmakers that are available through working mirrors.
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