Licenses for conducting activity in gambling and lotteries are issued only to enterprises with equity participation by foreign investors of 49 per cent or less. The said  requirement  does  not  apply  to  investors  from  the  European  Union  Member  States, 
European  Economic  Area  States  and  Members  of  the  Organisation  for  Economic  Cooperation and Development, as well as when different provisions for foreign investments are prescribed by international treaties ratified by the Saeima.
"Section 8. Requirements for the Gambling Operator:
The licence to operate gambling (hereinafter - the licence) may be received by a gambling operator who meets the following criteria:
1) it is a capital company registered in the Republic of Latvia, the paid-up share capital of which is not less than 1,400,000 euros;
2) the share of foreign members or stockholders in the share capital of a capital company does not exceed 49 per cent. This requirement shall not apply to investors from the Member States of the European Union, the states of the European Economic Area and the Member States of the Organisation for Economic Co-operation and Development (residents), and also in cases in which different regulations for foreign investments are provided for by international agreements ratified by the Saeima."
(Law On Gambling and Lotteries (195, 07.12.2005; last amended 15 April 2021), Section 8 [unofficial translation; translation validity up to 8.11.2017])
Law On Gambling and Lotteries (195, 07.12.2005; last amended 15 April 2021), Section 8
[<a href="https://likumi.lv/ta/en/en/id/122941-on-gambling-and-lotteries">Law</a>]