7bet Launches Prediction Markets in Lithuania and Latvia

Vilnius-based 7bet has announced that it has launched its prediction markets product in Lithuania and Latvia. The company is a licensed online betting operator in both countries and in the United Kingdom. The platform will offer Latvian and Lithuanian players event contracts on elections, politics, weather, celebrity news, and local and international developments.

In a statement posted on LinkedIn, 7bet described the move as part of a broader strategy. According to the company, the goal is to bring the latest global trends and innovative products to players in every market where it operates. The platform's infrastructure is based on technology provided by B2B betting technology company Altenar, which entered prediction markets this year as the sector grew worldwide.

It was also noted that Lithuania recently banned Polymarket, one of the world's largest prediction market platforms. Even so, these products remain in a legal grey area in both countries. Prediction markets are not explicitly banned or treated as a crime. However, full compliance with European and local tax and gambling rules is required.

In Lithuania the situation is clearer. There, prediction markets are considered a gambling product, and offering them without a license is illegal. In Latvia, only non-financial event contracts, such as those on political elections, sports results and pop culture events, require a gambling license. It is not yet clear where 7bet stands within these boundaries. Comment has been requested from the regulators of both countries and from the Lithuanian Prediction Markets Institute.

Separately, it was reported that Lithuania has ordered internet service providers to block 2208 internet domains offering illegal gambling services. The decision was made by the gambling authority operating within the Ministry of Finance. The order followed a review of many sites offering gambling services without the necessary license.