7bet rolls out prediction markets in Latvia and Lithuania

Vilnius-based 7bet has announced that it is launching a prediction markets product in both Lithuania and Latvia. The online gambling operator, which is licensed in both countries as well as in the UK, will offer Latvian and Lithuanian players events contracts on elections, politics, weather, celebrity news, and all other types of local and international developments. “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,” 7bet said on LinkedIn. The operator’s prediction markets platform is built on technology supplied by Altenar, a B2B betting technology firm which made the leap into prediction markets earlier this year amid the global growth of the sector. Where does Lithuania stand on prediction markets? Despite Lithuania recently banning Polymarket, one of the biggest prediction markets platforms in the world, the products remain a legal grey area in both Lithuania and Latvia. While not explicitly prohibited or criminalised, prediction market offers need to be strictly compliant with European and local fiscal regulations and gambling rules. Things are more straightforward in Lithuania, where prediction markets are considered a gambling product and it is illegal to offer them without a licence. Meanwhile, Latvia only requires a gambling licence if the platform offers non-financial event contracts, such as political elections, sports outcomes, and pop culture events. It is still unclear where 7bet falls within these drawn lines. SBC News has reached out for a comment from the regulators of both countries, and the Lithuanian Prediction Markets Institute. Lithuania grip tight on black market And on the topic of legal offers, Lithuania has just reported that it has ordered a total of 2208 of illegal gambling domains to be blocked by internet service providers in the country. The order was issued by the country’s gambling authority operating under the Ministry of Finance of the Republic of Lithuania, following an investigation into a myriad of websites that hosted gambling services without the required licence. This approach was similar to what Lithuania did in the case of Polymarket, with Latvia also possessing identical ISP blocking powers if its own gambling regulator is ever required to use them.