With the world currently reeling under the pandemic, the demand for online casinos has grown substantially. According to an independent study, the global iGaming market is scheduled to breach the $60 billion mark by the end of the year.
With most people moving online in search of gambling opportunities, operators have been proactive in expanding their portfolios. Latvia isn’t far behind in catching up with global trends. That’s why if you’re a punter looking for the best gambling place, follow this link to find a number of online kazino available for you.
A Brief History of Gambling in Latvia
Officially the Republic of Latvia, the country is one of the three Baltic states in Northern Europe. The gambling market has been under strict government supervision since 1998. Although the first brick-and-mortar gambling operation was established in 1991, there was no legal framework at the time.
The Lotteries and Gambling Supervision Inspection of 1998 established the base rules for future legislation. And the Control Department is in charge of regulating the market. The licensing procedure is under the purview of the Legal Department which includes the Licensing Division and the Financial Analysis Division. While the Gambling and Lotteries Law of 2005 currently oversees the market.
Unlicensed online gambling is banned in Latvia since 2006. There are just seven licensed operators in the country apart from the state-owned Latvijas Loto, which is the sole provider of lotteries, keno, and bingo. Local ISPs regularly block unregulated casinos and the government keeps track of the violators.
What’s the Post-COVID Gambling Scene Like?
The authorities placed a total ban on gambling at the beginning of the pandemic. Online casinos were barred from allowing Latvian punters from availing their services between April and June 2020. While this might come as a surprise to most, the government took this opportunity to finally sieve out all illegal operations.
While it’s really easy to circumvent the ban on unregulated casinos using a VPN or IP mask, it’s not recommended. Since April 2020, all financial institutions and ISPs have been instructed to blacklist IP addresses and send the information to the government. Individuals caught gambling at illegal casinos are being charged an “administrative fine” up to €350 per incident. An additional amount is levied on winnings. Individuals also run the risk of imprisonment for avoiding taxes.
Since the financial institutions are required to report violations to the authorities, your transactions will end up with the government even if you manage to fool the ISP. Latvia is among a handful of nations to prosecute its citizens for violating the gambling code. So, punters are advised against gambling at unregulated casinos.
How to Find a Legal Online Casino in Latvia?
Despite the stringent regulation, online gambling is quite popular in Latvia. The operators offer local punters a ton of benefits like lax wagering requirements, periodic bonuses, and more. And while gambling isn’t one of the biggest industries in the nation yet, it’s growing at an alarming pace.
Whether you prefer gambling at a physical casino or are interested in online gambling, the basics are the same. It all boils down to finding the right platform based on your interests. Pick the operator offering the biggest bonuses and keep a lookout for the games on offer. The best online casinos will regularly update their library to keep the punters engaged.
Next up, find a casino with lower wagering requirements. This is just as crucial as hefty bonuses. There is no point in opting for massive bonuses if you can’t meet the wagering requirements. Thankfully, Latvian online casinos generally have lenient wagering rules, which are easier to meet.
And finally, find a website that is flexible and compatible with multiple devices. Reviews are a great way to analyze authenticity. Visit gambling forums and look for relevant information on credibility before shortlisting reliable online casinos.
