What to know about Latvian casinos?

Although Latvia is not one of the world's most famous casino countries, there are plenty of interesting places to play. Most of them are relatively unknown to Finns, so it's time to find out what Latvia has to offer casino enthusiasts.

We'll start our investigation with Latvia's online casinos. We'll find out under which license Latvian casinos operate, and how the casino market is regulated.

Next, we'll look at the traditional casinos operating in Latvia. What kind of stone-foot casinos are there in the country, and do they have any particular attractions?

And are Finns allowed to play in Latvian casinos at all? The answers to these and many other questions can be found in this article.

Latvian online casinos operate under their own licence

Latvia has its own gaming licence, which is for domestic use only. Latvian online casinos are therefore not allowed to attract customers from other countries, but are intended to serve only Latvians.

The gaming licence guarantees player safety, as the authorities check the backgrounds of online casino owners, the business plan and assets of the company and many other aspects. The practice is therefore similar to many other European countries that have their own gaming licence.

Latvian gaming sites offer similar games to those offered by MGAs in Malta, for example, and Estonian casinos. This is based on the fact that, whatever the licence, an online casino typically leases games from the same game manufacturers.

Slot machines are the most commonly acquired games, as Latvians are a slots nation. Sports betting is also popular, with bets being placed at a high rate, especially during major tournaments in hockey and football.

Latvia's online casino market is growing at a dizzying pace

Statistics show that gambling seems to be attracting more and more interest among Latvians.

Here are some figures showing the size and growth rate of the Latvian online casino market:

1. In 2021, licensed online casinos in Latvia made a profit of around €109 million
2. Between 2018 and 2021, the casino market grew by 26%.
3. In 2021, profits increased by as much as 93%, but this was due to the previous year's interest income.
4. H2 Gambling Capital forecasts that the Latvian online casino sector will generate around €172 million in 2026

Latvia's online casinos are therefore currently performing well, with strong growth potential.

The challenge of competitors outside the licensing regime

When Latvia introduced its own gaming licence, the country's policy makers certainly hoped that citizens would only play at Latvian online casinos. This was not the case, as up to 45% of all gambling games played by Latvians are played at foreign online casinos.

This figure is exceptionally high, as in other European countries only around 20% of gaming revenues go to unlicensed gaming companies.

The explanation lies in Latvia's unusually strict tax regime. All withdrawals of more than €3 000 are considered winnings, regardless of how much the player has lost. Winnings are subject to a 23% tax rate for Latvians.

The harsh tax regime is undoubtedly the main reason why Latvians go elsewhere to gamble. The fact that all casinos in Latvia were closed for two months in the 2020 tax year is certainly a contributing factor. During that period, Latvians learned to play on foreign gambling sites.

There are many quality land-based casinos in Latvia

Of course, casino games in Latvia can be played outside the online world. The capital Riga, in particular, is ideal for tourists interested in casinos. We will now briefly introduce you to the most popular casinos in Latvia.

Royal Casino

As the name suggests, Riga's Royal Casino is fit for royalty. The traditional combination of casino and hotel exudes dignity. The charmingly old-fashioned décor and unique ceiling paintings create just the right atmosphere.

In addition to the gaming room, the Royal Casino has a swimming pool and spa, restaurants and meeting rooms. The hotel also offers great fitness facilities and stunning views.

Empire Casino & Lounge

In the centre of Riga you will find the Mercure Riga Centre hotel. The Empire Casino & Lounge is a great place to spend the evening, where you can enjoy not only casino games but also good meals, cocktails and music. Riga's nightlife is fun to watch through the windows of the bar on the seventh floor.

Olympic Voodoo Casino

The largest casino in Latvia and the largest casino in the Baltic States is open 24/7. Olympic Voodoo Casino offers players entertainment such as:

1. 80 slot machines
2. 80 slot machines - 15 gaming tables for card game lovers
3. VIP rooms
4. Daily poker tournaments
5. Sports bar

The casino is located in Riga, and the Radisson Blu Latvija Conference & Spa Hotel is located on the same property.

Spēlēt Poker Club

The Spēlēt Poker Club is by far the favourite casino of Latvian poker players. Cards are dealt at a relentless pace on its six tables, and the casino also has a special room for private games. Poker tournaments are always guaranteed to have a hefty prize pool.

The casino staff have a perfect command of poker, and the service in the bar and restaurant is also of the highest quality. Prices at Spēlēt Poker Club have been kept reasonable.

Are Finns allowed to play at Latvian casinos?

Finns are warmly welcome at all of Latvia's stone-faced casinos. Tourism is an important source of income for the country, so visitors are well looked after.

However, Finns are not allowed in Latvian online casinos. The Latvian gaming licence is for domestic use only.

However, there are a few online casinos that hold licences from several different countries. Surprisingly, one of them is located in Finland. Paf, based in Åland, has acquired a Latvian licence, so both Finns and Latvians can play on its site.

Summary

The Latvian gaming market has developed rapidly in recent years. Online casinos operate under the country's own gaming licence, but the majority of gambling is done at foreign online casinos.

Latvia's online casinos offer a range of nightlife venues for all types of players. In addition to traditional casino hotels, there are venues for poker and sports betting.