TonyBet continues to expand its online presence within Baltic markets, announcing its entry into Latvia following the launch of its tonybet.lv platform.
Present in the markets of Estonia and Lithuania, TonyBet completes its Baltic expansion by launching in Latvia, in which it revealed that it had invested €1.5m to begin operations.
The online gambling licence was approved by the Lotteries and Gambling Supervisory (IAUI) of the Republic of Latvia.
Launching the tonybet.lv platform, Latvia’s newest online incumbent is powered by the proprietary technology of SoftLabs, housing a dedicated engineering team in Riga to directly support TonyBet’s expansion initiatives.
The Latvian business will be led by Valters Rozmanis as TonyBet Latvia CEO, who said: “Although there is considerable competition in this sector in Latvia, I am sure that there is still room in the market for a strong, international player with a different platform and a great range of football-focused products.
“We will take special care to provide players with not only an exciting and innovative gaming experience but also that the services provided are offered in a responsible manner and environment.”
At present, Latvia’s market accounts for twenty online gambling licences, of which Entain’s Optibet and Olympic Entertain Group’s (OEG) Olybet.lv brands are regarded as market leaders.
The launch of tonybet.lv will be followed by targeted marketing campaigns and yet-to-be-disclosed Latvian football partnerships that aim to establish TonyBet’s sportsbook brand ahead of this winter’s FIFA Qatar World Cup 2022.
Group CEO Victors Troicins commented on Latvian developments; “Currently, the development focus of TonyBet is on the Baltic States, Spain and Great Britain, and we are really pleased to start our operations in Latvia. For players in Latvia, we are committed to providing safe, secure, innovative and exciting online gaming.
“We will adopt our 11-year international experience and best practices regarding the protection of players from possible risks created by the industry, and we will also implement them in Latvia, for example, through Neccton, which is an innovative, digital solution created in Austria to promote customer protection.”