Online gaming operator TonyBet debuts in the Latvian market with $1.5M investment and new platform

Online gaming company TonyBet announced Wednesday it has entered the Latvian market, having invested €1.5 million ($1.49 million) to start operations and created a "new, modern internet platform" under the tonybet.lv site.

Valters Rozmanis, Country Manager of TonyBet in Latvia, 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 have already started negotiations with the leading football organizations in Latvia about launching cooperation. 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," Rozmanis noted.

In a press release, the company said that it will differentiate itself because of its focus on football, "offering to bet on and support your favorite football teams both locally and around the world." TonyBet offers technology solutions developed by SoftLabs., some of whose specialists also work in Latvia's capital, Riga.

In Latvia, TonyBet offers a full range of interactive entertainment products – sports totalizator (betting), online casino, live casino, and online sports betting. "TonyBet will pay special attention to football and various entertainment events: for example, TonyBet will offer special bets for the 2022 FIFA World Cup," the company further stated.

"TonyBet has promoted the principles of responsible gaming in other countries where it operates, and in Latvia, we will stand up for the protection of customers' rights and the reduction of potential risks involving online gaming. Since the beginning of our operation in Latvia, we have become a member of the Latvian Interactive Gambling Association, or LIAB, and have introduced all the necessary tools for responsible gaming," Rozmanis added.

The company said that it seeks to become the "world's leading provider of high-quality sports betting and iGaming entertainment." TonyBet has already received online gaming licenses in several countries – Great Britain, Canada, Spain, Estonia, Latvia, and Malta.

Currently, more than 70 employees work in the offices of TonyBet in Riga, Tallinn, Ceuta, Madrid, Malta, and Gibraltar, and the company further plans to increase the team by several times in the next 2-3 years. 

Victors Troicins, Chief Executive Officer of TonyBet Group

Victors Troicins, Chief Executive Officer of TonyBet Group, commented: "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," Troicins concluded.