Vilnius-based online gambling operator 7bet has officially announced the launch of its new prediction markets product across Lithuania and Latvia. Licensed in both Baltic jurisdictions as well as in the UK, 7bet is rolling out event contracts covering elections, political developments, weather outcomes, celebrity news, and various other local and international events.
Announcing the milestone on professional networking channels, 7bet stated:
“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.”
The operator’s prediction markets platform is powered by robust technology supplied by Altenar, a prominent B2B betting technology provider that expanded into the prediction market sector amid surging global demand.
Regulatory standing in Lithuania and Latvia
The rollout comes amid complex regulatory dynamics across the Baltic region. Following Lithuania’s recent decision to block major global prediction platform Polymarket, event contracts continue to navigate a legal grey area in both Lithuania and Latvia. While not explicitly criminalized, prediction market offerings must comply stringently with European and local fiscal regulations as well as national gambling statutes.
The regulatory framework is more definitive in Lithuania, where prediction markets are legally categorized as gambling products, making it illegal to offer them without an official domestic license. Conversely, Latvia requires a gambling license specifically when platforms offer non-financial event contracts such as political elections, sports outcomes, and pop-culture events. As 7bet introduces its new product suite, regulatory bodies in both countries, alongside the Lithuanian Prediction Markets Institute, are reviewing compliance standards.
Crackdown on the illegal online gambling market
In tandem with monitoring licensed product expansions, Lithuanian authorities continue to exercise strict enforcement against unlicensed operators. The country’s gambling authority, operating under the Ministry of Finance, recently ordered internet service providers (ISPs) to block access to a staggering 2,208 illegal gambling domains following comprehensive investigations into unauthorized online services.
This aggressive blocking strategy mirrors the approach previously deployed against Polymarket, while Latvian regulators retain identical enforcement powers to execute ISP blocks if deemed necessary.
