7bet’s new prediction markets product sits in a legal grey area in both Lithuania & Latvia.
The hit
Vilnius-based 7bet is launching a prediction markets product in Latvia & Lithuania, offering contracts on elections, politics, weather & celebrity news, according to SBC News. The operator is licensed in both countries & the UK, & runs the platform on technology from B2B supplier Altenar.
Why it matters
Prediction markets sit in a legal grey area in both countries. Lithuania treats them as gambling, so an operator needs a licence to offer them at all. Latvia only requires one for non-financial contracts such as elections or pop culture. It is unclear where 7bet’s product falls, according to SBC News.
The record
| Tech supplier | Altenar (entered prediction markets earlier this year) |
|---|---|
| Lithuania’s Polymarket action | Banned the platform (Lithuanian authorities) |
| Illegal gambling domains blocked | 2,208 sites ordered blocked by ISPs (Lithuania’s gambling authority) |
What happens next
SBC News says it has asked regulators in Lithuania & Latvia, plus the Lithuanian Prediction Markets Institute, for comment on 7bet’s licensing status.
Sources: Prediction markets offer launches in Latvia and Lithuania
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