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Russian bookmakers to make 276 million EUR by the end of the the World Cup

George Miller

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Russian bookmakers to make 276 million EUR by the end of the the World Cup
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Based on data from Russia’s State Duma Committee for Physical Education, Sport, Tourism and Youth Affairs the turnover of bets during the World Cup will be arounf 300 billion rubles (around 4 billion EUR).

Out of those 4 billion euros, the Russian bookies net profit is gonna hit 270-280 million Euros, and accordingly the amount of taxes to the treasury will increase.

On the eve of the World Cup, many Russian bookmakers have expanded their networks to cope with the growing demand of people wishing to win via football matches forecasts. According to the legislators, the amount of bets could have been even bigger if the Russian gaming business was protected from the pressure of the illegal sector, whose share, according to some experts, exceeds the legal one minimum by half.

Under russian law Russian players have to pay 13 percent tax themselves if the winning is less than 15 thousand rubles. For the bigger winnings the tax is paid by the bookmaker. All licensed bookmakers who have contracts with Russian sports federations are required to pay 5% of their profits or at least 15 million rubles quarterly.

 

Source:www.pnp.ru

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Compliance Updates

Belgium heads new project to standardise European gaming law

Niji Ng

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Belgium heads new project to standardise European gaming law
Photo Source: rfi.fr
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Peter Naessens, the director of the Belgian Gaming Commission, is going to lead a new project aimed to standardise online gambling legislation across Europe.

The project is under the ageis of the European Committee for Standardisation. A number of industry bodies and regulators join hands in the project to create rules for compliance and reporting that will become standard in the industry.

Their most important goal is to implement standards on the sort of data the online gambling operators need to send to their respective regulators, as well as the manner in which they do it. Technical Committee 456 will be the group responsible for setting these standards.

The committee has the task of “Reporting in support of online gambling supervision.”

The impetus for creating this committee came from a request by the European Commission. It was labelled “Standardisation request to the ‘European Committee for Standardisation’ as regards a European standard on reporting in support of supervision of online gambling services by the gambling regulatory authorities of the Member States.”

Currently, member states of the European Union’s regulatory authorities are in charge of supervising online gambling activities in the region. This is done through information reported by the operators or the software suppliers about online gambling.

Standards are currently lacking and need to be improved. This project will develop new requirements for the reporting of online gambling. This will help improve levels of consumer protection, game fairness, transparency of operations, and identifying and stopping match-fixing and other forms of fraud.

Feedback and suggestions will be obtained from gambling regulators, operators, consumers associations and gaming suppliers. They can offer their expertise and guidance on how best the group can create these new standards.

The new committee will strive to rectify any issues present. New standards will help all parties concerned.

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Australia

New Gold Coast casinos in Australia, may face troubled waters

Niji Ng

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New Gold Coast casinos in Australia, may face troubled waters
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The Gold Coast, a top tourism hub in Australia, is coming up as an attractive venue for gambling tourism. The formalities to construct a new integrated resort have been almost completed. Some of the biggest gambling companies are reportedly interested in the venue too.

However, a study by Macquarie Research, a research firm in Australia, cautions that the Gold Coast may not be “the most attractive market” for gambling activities and there could be some challenges in the future too.

Macquarie warns that gambling business may struggle initially. The casinos are unlikely to deliver an appropriate return of investment in the range of €254 million, which is required to construct a casino resort, as immediately as developers may expect.

“We see challenges generating an appropriate return on a development larger than €254 million, which compares to media speculation of around €1.2 billion. The Gold Coast is not the most attractive market for a new integrated resort and casino, in our view, relative to other regions within Australia.

With a decision up to the Queensland Government, they will need to assess the net community benefits and determine whether it deters The Star Gold Coast from completing its recently approved €1.2 billion master plan.” said Macquarie Research spokesperson.

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Latest News

Buenos Aires to license and regulate online gambling

Niji Ng

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Buenos Aires to license and regulate online gambling
Photo Source: thetrentonline.com
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Buenos Aires, Argentina’s capital and its largest province, has proposed a new budget bill that would license and regulate online gambling in the province. Gov. María Eugenia Vidal tabled the new Budget Bill 2019 for discussion and approval of legislators, in a move to have a greater control over online gambling in the region. Notably, this is the first time that the province is stepping into control online gambling.

Many of the online gambling details have yet to be hammered out, but the broad strokes aim for licensing up to seven online operators, who would be overseen by the local Instituto Provincial de Lotería y Casinos. Licenses would be valid for a maximum 15-year term and online gambling revenue would be taxed at a rate of 15 per cent, plus an administrative payment to the regulator of no less than 2 per cent of revenue.

Operators would not be allowed to offer players credit and all other forms of payment will apparently have to be routed through the Bank of the City of Buenos Aires, a publicly owned institution. That squares with Vidal’s previous statement that the idea behind the online licensing scheme was to “regulate who plays, how they do it, everything is banked.”

Once the bill is approved, only licensed companies will be allowed to offer online gambling facilities. The activities and advertisement of the non-licenses operators will be banned.

The licensing regime is expected to come into force from 1 January 2019.

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