Been using Anki for years without realizing it could leverage Latex equations, so I installed MikTex (if you know better and smaller Latex distributions for Windows please let me know) and was unfortunately greeted by the following error “dvipng: GUI framework cannot be initialized.”.
The solution is simple but was not well explained anywhere.
1. Go to your miktex bin folder (in my case C:\Program Files (x86)\MiKTeX 2.9\miktex\bin)
2. Right click mo_admin.exe and run as admin
3. In the General tab, switch “Install missing packages on-the-fly:” to “No”
4. Click OK
Et voila! Nice Latex equations in Anki