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The government of European country Latvia has begun the process of reviewing both online and land based gambling laws, according to the website Vostokreport.com.
The Baltic country, which has seen online gambling since 2003, is having the Latvian Lotteries and Gambling Supervisory Inspection and Ministry of Finance head up the review. Latvia hosts many gambling software development companies, and there is currently a 10% tax on online gambling that some 160 betting website operators pay.
Amendments being reviewed for their possible addition to the law are:
A general gambling license to operate web based casinos, with requirements being: LVL 1 million in shareholders capital, non-EU equity holders may not hold more than 49% of a company, initial licensing fee of LVL 300,000 with annual renewals of LVL 25,000. Casino operators who are already licensed in Latvia would be exempt from paying the initial licensing fee.
Unlicensed operator's IP addresses being banned.
Blocking payments to unlicensed operator accounts.
5% gambling tax on gross gaming related revenue.
Minimum gambling age of 21 years.
Licensed operators may advertise during the Olympic games if they are official sponsors of the Latvian Olympic Committee or other sports federations.