Vilnius-headquartered 7bet has announced the launch of prediction market products in Latvia and Lithuania.
The online betting operator, which holds licenses in Lithuania, Latvia, and the UK, will offer players in Latvia and Lithuania event-based contracts covering topics such as elections, politics, weather, international affairs, and various local or celebrity-related news.
On LinkedIn, 7bet stated: “This launch is another step in our overall strategy to bring the latest global trends, innovative products, and fresh entertainment experiences to players in every market where we operate.”
The operator’s prediction market platform is powered by technology from B2B betting solutions provider Altenar, which entered the prediction market sector earlier this year as the industry grows globally.
What is the status of prediction markets in Lithuania?
Although Lithuania recently blocked access to Polymarket—one of the world’s largest prediction market platforms—such products remain in a legal “gray area” in both Lithuania and Latvia.
While not explicitly banned or classified as criminal, products related to prediction markets must strictly comply with European and local financial regulations and gambling laws.
In Lithuania, the situation is more clearly defined: prediction markets are categorized as gambling products, and operating them without the appropriate license is illegal.
In Latvia, platforms offering contracts on non-financial events—such as political elections, the outcomes of sporting events, or pop-culture occurrences—are required to hold a gambling license.
It remains unclear exactly how 7bet positions itself within these legal boundaries.
SBC News has reached out to regulators in both countries, as well as the Lithuanian Prediction Markets Institute, for comment.
Lithuania cracks down on the illegal gambling market
Alongside its focus on legal betting services, Lithuania recently announced that it has ordered the country’s internet service providers to block approximately 2,208 domain names associated with illegal gambling websites.
The directive was issued by the gambling regulatory authority, which operates under the Ministry of Finance of the Republic of Lithuania. Previously, the authority conducted an investigation into a large number of websites offering gambling services without a license. This approach mirrors the measures taken by Lithuania in the case of Polymarket; Latvia possesses similar powers to mandate blocks by internet service providers (ISPs), which its national gambling regulator can exercise whenever necessary.
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