Latvia has continued to grow in the gambling industry as its new operator and laws have allowed gambling to prosper. The growth has well exceeded into the double-digits in terms of percentage. Now, since more players will be joining this community, it is time for new security measures to be put in place to ensure the safety of these players. The plan for Latvia is to authorize new block procedures so that unauthorized operators will be unable to join in on the market.
Research performed by the Lotteries and Gambling Supervisory Inspection of Latvia, also known as the IAUI, have showed that the combined revenue for gambling operations in the country bring together a total of over 237 million euros. And this was only just in the past nine months from late September. That is an incredible 12% increase since new operations began.
Latvia has already a total of nine gambling operators that contribute over 38 million euros to this revenue. The aim of their protection regulations will be to help it stay that way so that it continues to grow. The legalizations will attempt to block any non-licensed operators from adding to this. Unfortunately, despite the efforts, the number of unauthorized gambling companies operating in Latvia has increased by 38% in Latvia’s current target market. Even with the number of blocked brands increasing from 71 to 1,186.
The new protection assists that will be working closely with the IAUI will be active effective immediately within the new year. This will not only review the current gambling laws in Latvia but will be looking at the local laws as well, making amendments to them if necessary.
The Latvia Finance Minister, Jānis Reirs, will be leading the charge in these new amendments. He said that they would be testing the new systems put into place within the coming few weeks. That is to make sure that the new system will be functioning perfectly and that it will prove to be effective as the new year approaches.