7bet launches prediction markets in Latvia and Lithuania
Licences & markets2 min read
In brief
- 7bet announced a prediction markets launch in Lithuania and Latvia.
- The platform is built on technology supplied by Altenar.
- Lithuania treats prediction markets as gambling needing a licence; Latvia requires one only for non-financial event contracts.
- The report said it is unclear where 7bet's offer falls within these rules.
Vilnius-based 7bet has announced a prediction markets product launch in Lithuania and Latvia.
The online gambling operator is licensed in the UK as well as in both countries. Latvian and Lithuanian players will get event contracts covering elections, politics, weather and celebrity news, plus other local and international developments. Altenar provides the technology on which the platform runs. Altenar is a B2B betting technology firm that moved into prediction markets earlier this year.
On LinkedIn, 7bet described the launch as "another step in our broader strategy", aimed at bringing global trends and new products to players in each market it serves.
Lithuania has recently banned Polymarket. Prediction markets nonetheless remain a legal grey area in Lithuania and Latvia. Such offers are not explicitly prohibited or criminalised, yet they must comply strictly with European and local fiscal regulations and gambling rules. In Lithuania, prediction markets count as a gambling product, so offering them without a licence is illegal. Latvia requires a gambling licence only when a platform offers non-financial event contracts, for example on political elections, sports outcomes or pop culture events. Where 7bet sits relative to these lines is still unclear. SBC News has contacted the regulators of both countries and the Lithuanian Prediction Markets Institute for comment.
Lithuania reported that it has ordered internet service providers to block a total of 2208 illegal gambling domains. The order was issued by the country's gambling authority, which operates under the Ministry of Finance, following an investigation into websites that hosted gambling services without the required licence. The report said Latvia has identical internet service provider blocking powers should its gambling regulator need to use them.