Fake Lotteries and illegal online gambling sites have been preying on the vulnerable and have harmed many in Latvia.
The country’s gambling regulator expressed its concerns about the situation and warned gamblers to beware of fake lotteries and illegal online gambling sites.
The gambling regulator urged the public to do their due diligence before signing up and engaging with any online gambling or lottery site.
While the gambling regulator did acknowledge that it is immensely difficult to know if a gambling site is genuine or not, he pointed out a number of warning signs which one should be looking to see if a site is legitimate.
IAUI issued a statement explaining, “In a state-controlled lottery, the winner will never have to pay the prize taxes or money transfer commission before receiving the prize. Don’t send your personal data, bank account details, and money to unknown people.”
Recently, Latvia approved changes to the existing regulations on Lotteries and Gambling Fee and Tax. Following the amendment, the revenue share between the state and the municipalities is to be restructured.
According to the country’s Finance Ministry, the amendments were aimed at shifting the tax burden from labor to consumption and capital
Currently, the state takes 75 percent of the revenue from gambling while the municipalities take the remaining 25 percent. However, with the new laws in place, the state would take 95 percent of the revenue while the municipalities which host the gambling facilities will get only 5 percent.