7bet launches prediction markets in Lithuania and Latvia

Sports betting operator 7bet introduces a new prediction markets product in Lithuania and Latvia. Operator is expanding its offers beyond traditional sports betting to cover events trading markets. The operator’s Lithuanian website features a dedicated predictions section alongside its sportsbook, offering users yes-or-no markets on local and international events. The website already has events contracts that are related to Lithuanian elections and weather conditions in Vilnius. The markets display percentage probabilities and decimal odds. The technology behind the product is supplied by Altenar. 7bet stated: This launch is another step in our broader strategy: bringing the latest global trends, innovative products, and fresh entertainment experiences to players in every market where we operate. The launch occurs following heightened scrutiny over prediction markets in the Baltics. In September, Lithuania’s gambling authority banned Polymarket due to concerns that it had been operating without a license. At the same time, service providers were instructed to prohibit access to the platform and to stop dealings with its operator. The actions were specifically directed at Polymarket and were not indicative of any regulatory action being taken against 7bet. The legal situation regarding the prediction markets offering of 7bet is still unclear in both Lithuania and Latvia. According to SBC News, attempts to reach regulatory bodies in both countries for clarification were made. The launch signals the establishment of event-based betting products in Europe along with the thus far unanswered regulatory questions related to their application.