Obtaining a Gambling License in Latvia

Latvia is a top-rated country to obtain a license for gambling companies wishing to operate in Europe. This country is a member of the EU and operates under the rules set by the European Union. Still, several requirements must be met to obtain a gambling license in Latvia. Failure to comply with them will result in rejection and the need to rectify deficiencies. The Lawtter Solutions law firm offers its clients the services of obtaining a Latvian gambling license in the shortest possible time, considering all the jurisdiction’s nuances and peculiarities.

Advantages

What Are the Advantages of the Latvian License?

Latvia has granted a gambling license to quite a few companies. This jurisdiction offers several significant advantages, such as:

1

Legal work in the EU

Latvia is a member of the European Union and operates by the laws of this jurisdiction. It allows gambling companies with a Latvian license to operate in the world's leading countries without restrictions.
2

Political and economic stability

Latvia is a democratic state with a developing economy. There are practically no crises here.
3

Unlimited term of validity of the license

The license is indefinite. It must be renewed annually, but passing the procedure for registration of casinos in Latvia again is unnecessary.
4

A wide range of areas of activity

In Latvia, you can open a land-based and virtual casino, bookmaker's office, slot machine hall, lotteries, etc.

Thus, Latvia is an attractive jurisdiction for gambling activities.

Regulation

Regulation of Gambling Activities in Latvia

The Lotteries and Gambling Supervisory Inspection of the Republic of Latvia is the sole regulator of gambling activities in this country. This body establishes the requirements for obtaining a license and monitors compliance with these regulations.

 

In Latvia, it is possible to obtain licenses for the following types of gambling activities:

  • Land-based casino;
  • Virtual casino;
  • Bookmakers;
  • Private lotteries.

 

Furthermore, companies that obtain a gambling license in Latvia are required to obtain an eCogra certificate. This document confirms that the equipment and software meet the safety standards of the European Union.

Requirements

What Are the Requirements to Obtain a License in Latvia?

It is necessary to meet numerous requirements to obtain a license for gambling in Latvia. First of all, it is essential to know that the document can only be issued to companies registered in Latvia. The business must be registered as a joint stock company. It must open an account in a Latvian bank.

 

There are mandatory requirements for the authorized capital. A company planning to engage in gambling must contribute at least 1,400,000 EUR of the authorized capital.

 

Another essential aspect concerns shareholders and personnel. At least 51% of the shareholders must be Latvia or European Union residents, and no more than 49% can be non-residents. The organization must have at least one director resident in the European Union. If a company opens a land-based casino, it must appoint a manager.

 

A gambling license does not have an expiration date. However, companies must renew the document annually. It is necessary to apply to the gaming registrar 2 months before the end of the re-registration period.

 

Furthermore, gambling companies need to know about the tax on gambling in Latvia. The rates and taxation principles are different for virtual and land-based casinos.

 

Cost of License and Taxation of Land-based Gambling

 

You must pay a mandatory fee of 427,000 EUR to obtain a Latvian land-based casino license. Renewal of the license is 37,000 EUR per year. It is also necessary to pay an additional annual fee, depending on the type of activity:

  • For land-based casino – 30,000 EUR;
  • For bingo – 4,500 EUR;
  • For betting and lottery outlets – 2,000 EUR.

 

Moreover, for land-based casinos, additional fees must be paid for each table. In particular, for each table for roulette or card games, the fee is 28,080 EUR.

 

 

Cost of Online Gambling License and Taxation

 

To obtain an online gambling license, you need to pay a mandatory fee of 200,000 EUR. Renewal of the license is 37,000 EUR per year. It is also necessary to pay a gambling tax. The rates are as follows:

  • For online casinos – 10% of revenue;
  • For bingo games – 10% of the value of each ticket.

Documents

What Documents Are Needed to Obtain a License in Latvia?

You must prepare a document package to obtain a casino license in Latvia. It includes:

01

Company registration data.
02

Personal details of shareholders, directors, and managing directors.
03

Bank account with deposited authorized capital.
04

Documents confirming ownership or lease of premises.
05

Business plan of the company.
06

eCogra certificate.

It is also necessary to provide documents on payment of all mandatory payments.