There are (at the time of writing) around ten legal online casinos in the country, all of which have received an online gambling license from the Latvian authorities. Around two-thirds of those licensees are offshore operators who have set up shop in Latvia, to access such a license and the market there.
A major land-based operator in Latvia is coming online for the first time.
A major iGaming conglomerate is establishing a new holding in the emerging Latvia market.
The Deal
Gaming Innovation Group (GiG) announced the inking of a deal with Latvia casino operator Sia Admirāļu Klubs to provide a gaming platform, sportsbook and front-end development content as Klubs moves into the iGaming space and offers online gaming for the first time.
The deal is reportedly for a duration of three years and set to take effect sometime next year 2021.
GiG Strategy
This is a breakthrough for GiG, which has been actively seeking solutions for capturing larger market segments globally.
This builds strategically for GiG on last December's deal with Mr. Green through its SIA Mr Green Latvia arm to explore new options within Latvia and across the world.
Latvia Market Rejuvenation
This deal is also a needed boost for the Latvia market after a controversial national online shutdown during the lockdowns which led to a 45% year-on-year iGaming revenue loss for the time period and a major dent in Latvia's related tax revenues.
As Latvia emerges from the lockdowns, the deal between GiG and Admirāļu Klubs ramps up market momentum.
GiG Leader Speaks
GiG CEO Richard Brown said he company is “very pleased to be supporting SIA Admirāļu Klubs entrance into the online gambling space for both Casino and Sportsbook.”
Brown further lauded Klubs' large and successful retail network stretching across the Baltics, providing “some of the highest quality retail gambling arcades in Latvia. Online gambling has a high growth in the market and we are excited to expand further our reach there.”
Klubs Strategy
Admirāļu Klubs' land-based gambling holdings established across Latvia facilitate increase brand recognition for GiG in the online market, with gamblers seeking new outlets coming out of the shocking government ban.
As an organisation, Admirāļu Klubs is looking forward to capitalizing on GiG’s industry position, calling GiG “well established throughout the iGaming industry as a reliable and trustful technology partner with a history of success working with land-based operators like ourselves.”
Outlook
The new deal is a substantial concrete step in moving Latvia out of the shutdown freeze, and gives GiG a powerful new presence in legitimizing Latvia's iGaming market.
See also
New Jersey iGaming Discussed at ECGC
