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Compliance Updates

Russia’s State Duma Approves Overhaul of Sports Betting Laws

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Russia’s State Duma Approves Overhaul of Sports Betting Laws
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The Russian State Duma has approved the legislation that will significantly overhaul the Russian sports betting industry, imposing tax on bets placed on overseas events and extending financial obligations to all market participants. The State Duma passed the bill in the second and third reading.

The new rules pose limits on the types of events that can be wagered on, limiting activity to those held by Russian national sports federations and professional sports leagues. It also allows sports events held by international sports organisations.

Operators accepting bets on non-Russian sports will now be required to pay contributions to Russian sports federations, which amount to at least 5% of GGR every three months.

An operator may have a license withdrawn if it fails to pay the relevant contributions within a three-month reporting period. Furthermore, it will no longer be possible to have a license on both sports betting and tote betting.

All licensees will now be required to have a RUB500 million bank guarantee and RUB1 billion of assets in place. The bill will enter into force 60 days after its official publication, with the measures expected to take effect in mid-autumn 2020.

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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