The Lotteries and Gambling Supervisory Inspection of the Republic of Latvia began work on the 1st of January 1998. It’s inferior to the Cabinet of Ministers of the Republic. The Inspectorate includes legal and control departments. The legal department includes divisions of licensing and fiscal analysis.
The main legislative acts regulating the gambling business in the country are the Law On Gambling and the Law on Levies on Lotteries and Gambling which are amended annually. They must also follow the regulations regarding systems for the operating interactive gambling, Interactive Lotteries, Trade of Lottery Tickets, and Acceptance of Participation. Gambling assistance is considered the most profitable field for quick business development and income addition. As in any other sector of profitable exertion, it’s necessary to give guarantees to customers and investors, as well as insure the legalization of a gambling establishment by carrying applicable licenses and documents.
Gambling is precisely banned in Russia, China, Kazakhstan, and various other countries of the former Soviet Union, but Latvia provides documents for gambling conditioning to both its citizens and non-residents. Among the advantages of business enrollment in this country, the following should be mentioned, the absence of double taxation and the low cost of considering an operation regarding coastal zones.
A person can order a gambling license from Law & Trust. The complex of services includes free consultations, drawing up of the register of documents and their collection on the base of a power of attorney from the counterparty, restatement, and verification of the entered forms for trustability and compliance with the regulations of Latvia. Before filling out an operation, you need to find out exactly what type of license is needed to develop the customer’s business.
To gain a license the aspirant must meet the following criteria;
- The marketable association is registered in Latvia as a common-stock company.
- The authorized capital isn’t lower than 1,400,000 euros.
- The share of foreign shareholders in the authorized capital of the association doesn’t exceed 49. The demand doesn’t apply to investors who are residers inside Latvia
- Member countries of transnational agreements approved by the Seimas, which give for the applicable rules for foreign investments.
- The Directors of the company must have impeccable character and the right to conduct business.
Acquiring a license for Slot machines in Latvia
Slot machines are the most popular means of entertainment in numerous casinos. The rules of the game are simple and don’t bear a compendium of algorithms or computation of the conduct of opponents. The possibility of winning then’s determined by the arbitrary number generator. The position of payments largely depends on this software, which means that it must have a vindicated supplier, and the algorithms themselves are checked by a technical commission during the inspection of the website after consideration of the attestation package by the gambling experts of a foreign country.
It’s possible to gain a license for gambling machines in Latvia during 6-12 months. The specific period depends on the territorial content of participants by your portal, as well as the number of types of gambling on the website
Getting a license for lotteries in Latvia
All kinds of lotteries are divided into public and private, the first can cover all residers of the country, and the ultimate is held in a fairly narrow circle. Also, similar draws differ from each other in duration and type of gifts given to players. Lotteries are frequently held not as a separate kind of entertainment, but in combination with slot machines in online and real casinos.
Earnings of lottery tickets are carried out when playing slot machines, and the number of tickets depends on the number of bets placed. The further tickets a particular player has, the more advanced his chances to win the main prize.
The cost of a license for lotteries in Latvia can be included in the general package of licenses for the casino. However, the time for consideration of the operation will be reduced, but submission of a package of documents will be necessary for the development of bingo or poker If you plan to gain it independently.
Getting a Casino registered in Latvia
The opening of physical branches of gambling establishments is possible only in the homes of those countries where this business is officially authorized. So, carrying a license for casinos in Latvia gives you the occasion to expand gambling halls within Latvia, the UK, Gibraltar, Curacao, Seychelles, the Isle of Man, and other countries.
When creating an online portal for gambling, you must perform all the same operations for registering a business and licensing it, but there’s no need to rent a room for machines, and gamers can play from anywhere in the world on the global website.
In addition to the formal document for each type of gambling, you’ll need documents of honesty policy, quality assurance of the supplied software, and other permits.