Vilnius-based gambling operator 7bet has launched a new prediction markets product in Lithuania and Latvia. The platform allows users to place event contracts on a variety of outcomes, including political elections, weather patterns, celebrity news, and other local or international developments.
Altenar technology powers new 7bet product rollout
The new product utilizes technology provided by Altenar, a B2B betting firm that entered the prediction market sector earlier this year to meet rising global demand. 7bet, which holds gambling licenses in Lithuania, Latvia, and the UK, described the launch as a strategic move to introduce innovative products and global trends to its existing player base. The company stated on LinkedIn that the rollout is part of a broader effort to provide fresh entertainment experiences across its active markets.
Did You Know? The 7bet platform is built on technology from Altenar, a firm that expanded into the prediction market sector in response to recent global growth in the popularity of these products.
Regulatory Status in the Baltics
The introduction of these markets follows recent regulatory friction in the region. Lithuania recently moved to block access to Polymarket, one of the world’s largest prediction platforms. Despite this, the legal status of prediction markets remains a grey area in both Lithuania and Latvia, as they are not explicitly criminalized but must adhere to strict European and local fiscal and gambling regulations.
The legal requirements differ by jurisdiction. In Lithuania, prediction markets are classified as gambling products, meaning they cannot be offered without a valid domestic license. Latvia maintains a different standard, requiring a gambling license specifically for platforms that offer non-financial event contracts, such as political or pop-culture outcomes. It remains unclear how 7bet’s specific product configuration aligns with these distinct regulatory lines. Regulators in both countries, along with the Lithuanian Prediction Markets Institute, are currently reviewing compliance standards.
Expert Insight: The Baltic region is currently balancing the rapid growth of prediction markets against established gambling laws. The divergence between Lithuania’s strict classification of these markets as gambling and Latvia’s more nuanced, contract-based approach creates a complex operating environment for any operator attempting to launch cross-border services.
Enforcement Against Unlicensed Operators
Parallel to the new product launch, Lithuanian authorities have intensified efforts to curb unlicensed gambling. The gambling authority under the Ministry of Finance of the Republic of Lithuania recently ordered internet service providers to block 2,208 domains identified as illegal gambling sites. This enforcement mirrors the strategy used against Polymarket, and Latvian regulators possess similar powers to order ISP blocks if they determine such measures are required.
How prediction markets face different rules in Lithuania and Latvia
What types of events can users bet on through the 7bet platform?
The platform offers event contracts covering a diverse range of topics, including political elections, weather outcomes, celebrity news, and other local or international developments.
What is the regulatory difference between Lithuania and Latvia regarding these products?
Lithuania classifies all prediction markets as gambling products that require a specific license to operate legally. Latvia requires a gambling license only when a platform offers non-financial event contracts, such as those related to sports, pop culture, or political outcomes.
How many illegal gambling domains has the Lithuanian government recently blocked?
The Lithuanian gambling authority, operating under the Ministry of Finance, recently ordered internet service providers to block access to 2,208 illegal gambling websites following an investigation into unlicensed services.
How will the ongoing review by the Lithuanian Prediction Markets Institute and regulators affect the rollout of 7bet’s new prediction markets product?
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