HK Olimp was founded in 2018, and the following year joined the Optibet Hockey League where they were immediately considered to be dark horses for the championship,[2] due to have several Latvian national team members as part of their roster, including Georgijs Pujacs and Aleksejs Širokovs, both of whom also had KHL significant experience.

[3][4] The dark horse appellation turned out to be prescient as the team were in 1st place in their inaugural season, before the play-offs were cancelled due to the COVID-19 pandemic.

[5] As a result of 1st-place finish when the season was cancelled, Olimp qualified for the 2020–21 IIHF Continental Cup where they were scheduled to face-off in Group E against Shakhtyor Soligorsk of Belarus, Slovenian team Olimpija Ljubljana and the winner of Group B (made up of Crvena Zvezda Belgrade of Serbia, Mladost Zagreb from Croatia, Bulgarian side Irbis-Skate Sofia and Turkish outfit Buz Beykoz Istanbul).

[1] Note: GP = Games played, W = Wins, L = Losses, T = Ties, OTL = Overtime losses, Pts = Points, GF = Goals for, GA = Goals against, PIM = Penalties in minutes These are the top five scorers in HK Olimpa history.

[8] Note: Pos = Position; GP = Games played; G = Goals; A = Assists; Pts = Points Penalty minutes: Aleksejs Širokovs, 101