LV BET

Why Sites Like LV BET Are Flourishing in Latvia

Although you might not know it, Latvia is one of the most significant countries for gambling at present. To put it into perspective, the industry grew by 132.8% in 2019 in Latvia alone, which is very impressive.

LV BET is one of the providers that is taking advantage. It’s apparent that the likes of LV BET are flourishing right now, and it appears as if they will do for the foreseeable future. However, this begs the question – why? We took a closer look, and this is what we found out.

Popular Verticals

For digital wagering establishments to take advantage, they need a consumer base they can rely on, and Latvia has that in abundance. Thousands of people spend money on betting, which means platforms such as LV BET have excellent chances at profiting. In Latvia, the fact that there are so many different verticals that are loved only adds to the lucrative nature of the industry. For example, the revenue for slot machines, card games and roulette is around €40 million, while sweepstakes and sports betting yields are closer to the €15 million mark. What this highlights is the demand for different genres of betting, from football and ice hockey to poker and live casino offerings.

The Baltics

Although Latvia is sometimes viewed as being part of Eastern Europe, the truth is that it is part of the Baltic region, alongside its neighbouring countries Estonia and Lithuania. This also puts it into close proximity with the likes of Finland, another nation that loves to place wagers online. People believe that the similarities aren’t coincidental, particularly when there are other matching features, such as the love for winter sports. The fact that the people seem to enjoy the hobby, compared to other European countries, is reflected in the fact that gambling in Latvia has been legal for around 25 years, something that can’t be said of its many conservative neighbours.

Land-Based Establishments

People tend to assume that online and traditional casinos are mortal enemies, yet that isn’t true. If anything, they both help one another succeed, as evidenced by brick-and-mortar casinos adopting iGaming strategies to appeal to a wider range of visitors. There’s a knock-on effect for online organisations, too, since gamblers get a taste for casino and poker games on LV BET on the floor first. They don’t always have the time or money to attend a casino in person, which is why many scratch the itch by using a mobile app or website instead. Considering that land-based establishments in Latvia have experienced increases in revenue of 116.8% in recent years, it’s easy to see where the demand comes from.

The Competition

There is competition in Latvia, yet most of LV BET’s rivals can’t provide the experience that Latvian customers are searching for most of the time. Firstly, their competitors are UK-based, which means everything is in English. LV, on the other hand, is in Latvian and Russian and tailored to its main base. The same is true of currency, with Euros the main tender as opposed to Pounds and Dollars. When it comes to their peers, LV BET has more features that Latvian residents want.