Balkans
Montenegro in the focus at the inaugural European Gaming Congress (EGC) with Tatjana Scepanovic (Montenegro Bet)
Ljubljana – 21 August 2018 – Montenegro features several amazing casinos. Best ones are on the Montenegrin Coast. When it comes to online gambling, well it’s a different animal.
Online gaming has been legal in Montenegro since October, 2011, and the Games of Chance Administration, the main gaming authority, started issuing online gaming licences in January, 2012.
To attract more investors, the Government of Montenegro made the procedure simple with minimum capital requirements imposed. Operators who get an online gaming licence in Montenegro can offer all forms of entertainment including slots, sports betting, Poker and other card games, live casino as well as other web-based games of chance. The only form of entertainment that is excluded is lottery.
A licensing package costs are between €25,000 for the first year while the renewal of the licence costs €15,000. An income tax rate is 9%.
There are certain advantages of getting an online gaming licence in Montenegro and one of them is that is allows operators to cater to the international market. However, when it comes to players’ interests, some of these advantages can be perceived as disadvantages.
During the inaugural edition of European Gaming Congress, Ms Tatjana Scepanovic will share her insights and give her expert opinion about the gambling industry in Montenegro and its potential investment opportunities.
Tatjana will join Zoran Puhač (European Organization for Gaming Law -EOGL) in the “Highlighting the Balkans and Southeast Europe” panel discussion, a panel in which more speakers will be announced soon.
About Tatjana Scepanovic
Tatjana holds degrees of Bachelor of Economy and Specialist in Marketing Management. I have been involved in the field of the games of chance since 2001, and I have been serving as Secretary General of Montenegro Bet since 2012. In addition to my engagement as the Secretary General, I also perform tasks of accounting, tax consulting, financial forensics and other areas related to the successful and legal operation of the company in general. In addition to promoting socially responsible organising of the games of chance, as the Secretary General I actively participate in following the legal regulations as well as in the drafting of proposals that can result in the improvement of the business environment.
Montenegro Bet is a representative association of the biggest organisers of the games of chance in Montenegro. The Association is a full-fledged member of the EUROMAT and EOGL, and in addition to being a member of all relevant Montenegrin business associations, it is recognised as being the first organisation to apply the principles of socially responsible organising of the games of chance in Montenegro.
Make sure you register your seat in time to benefit of the great lineup of speakers that will share their knowledge for operators and industry connected companies about France, Spain, Italy, Malta, Portugal, Slovenia, Austria, Croatia, Serbia, Montenegro, Greece, Bosnia and Herzegovina, Liechtenstein, Monaco, Netherlands and Belgium.
The inaugural edition of European Gaming Congress which will be held on the 16th of October at the Grand Union Hotel in Ljubljana and will bring together industry experts from all over Europe and create a platform which will enable both networking and learning at the highest quality.
You can view the full agenda on the following link.
Full detail about the event can be found on the official website of the event: https://europeangamingcongress.com/
Make sure you grab your seat as the seats are limited to 100 registrants!
Balkans
Wazdan grows in Bosnia and Herzegovina with Admiralbet
Wazdan, the gain-focused developer behind some of the world’s most rewarding casino game experiences, is set to raise its profile in Bosnia and Herzegovina after partnering with leading brand Admiralbet.
The first batch of Wazdan’s high-performing slots to have gone live with the operator includes player-favourites such as Sizzling Moon™, 9 Coins™, 9 Coins™ Grand Gold Edition, and Magic Spins™ with further titles to be announced in the coming months.
Admiralbet players are now able to enjoy a much-strengthened selection of games that offer Wazdan’s engagement-boosting mechanics, including Cash Infinity™, Collect to Infinity™ and Hold the Jackpot.
This latest European expansion follows several similar partnerships for Wazdan in a first quarter which has seen a significant level of commercial growth following its recent rebrand and consistent game release roadmap.
Andrzej Hyla, Chief Commercial Officer at Wazdan, said: “Bosnia and Herzegovina is the latest territory to see us grow our influence in.
“We’re enjoying an incredible rate of growth now, backed by a rock-solid games portfolio and welcoming major partners like Admiralbet just elevates that success. We’re confident we have the best possible ally in the country thanks to this development.”
Admiralbet’s Online Casino Manager, Nikola Zakic, said: “Admiralbet is a company that strives for constant improvement and development to keep up with world standards.
“Gaining access to Wazdan’s products furthers that strategy fantastically well. It gives us a range of games that we know our players will enjoy and maintains our place as a leader in Bosnia and Herzegovina.”
Balkans
Bulgarian National Revenue Agency, the State Agency for National Security and the Gambling Operators Join Forces Against Money Laundering and Terrorist Financing
The Bulgarian National Revenue Agency, the Specialised Administrative Directorate “Financial Intelligence” of the State Agency for National Security and branch organisations of the organisers of gambling operators will join efforts against money laundering and the financing of terrorism. This became clear during a working meeting, which took place on March 20 at the invitation of the Director General of the National Revenue Agency Rumen Spetsov, and his deputy Georgy Dimov.
The participants discussed the possibilities for the branch organisations of gambling operators to monitor the implementation of measures against money laundering and the financing of terrorism by their members. The talks also discussed changes in normative and sub-normative acts regulating the activity in the sector, which would lead to better accountability and guaranteed protection of the public interest.
During the meeting, it was decided that representatives of the National Revenue Agency would discuss with the branch gambling organisations issues related to the implementation of normative and sub-normative acts, providing guidelines for the correct fulfilment of obligations by gambling operators.
“The National Revenue Agency is partner-oriented and is available to assist businesses in fulfilling their obligations by the current legislation. We highly value the commitment of industry gambling organizations in the prevention and effective fight against money laundering and terrorist financing,” said Rumen Spetsov – Director General of the National Revenue Agency.
Balkans
In Montenegro, a Controversial Law Challenging the Fintech Future Prompts Legal Experts to React
Montenegro’s evolving digital landscape has been facing a significant hurdle with the introduction of Article 68f of the Gambling Law since the beginning of 2024. Legal experts, spearheaded by the prestigious law firm Schoenherr, have also raised concerns over the provision’s controversial nature and reminded on the constant scrutiny of the market participants regarding the risks to of the Article 68f to stifle not only the gaming industry but also jeopardize the expansion of Montenegro’s fintech sector.
Schoenherr’s Legal Scrutiny of Article 68f
The amendment, aimed at regulating online betting transactions, restricts funding the online accounts payments to cash in physical premises or through traditional payment cards, excluding a wide array of digital banking – e-banking and mobile banking solutions.
Delving into the entire problematic of Montenegro’s subject legal landscape, Schoenherr has conducted a thorough examination of the recent amendments to the Gambling Law, with a keen focus on the widely debated Article 68f. They reminded on a significant concern from market participants as well as on their massive response, in light of petition with over 25,000 signatures gathered and various legal initiatives initiated aimed at its repeal and constitutional review. Schoenherr underscored the depth of the controversy surrounding the new legislative measures and their impact on the online gaming sector in Montenegro.
Industry and Public Backlash
The introduction of Article 68f has not gone unnoticed by the market’s stakeholders, eliciting a strong response from gaming organizers who view the measure as unjustified and potentially illegal. A significant mobilization effort led to the initiation of a petition that garnered over 25,000 signatures, demonstrating widespread opposition to the law. This public outcry resulted in formal initiatives being submitted to both the Montenegrin Parliament and the Constitutional Court to challenge the provision’s legality and constitutionality.
Awaiting a Resolution
As the legal and public spheres await the competent authorities’ decision on these initiatives, the uncertainty surrounding Article 68f raises pressing questions about the future of digital innovation and consumer rights in Montenegro. The law firm’s analysis highlights a pivotal moment for the country, as it grapples with balancing regulatory objectives with the need to foster a competitive and inclusive digital economy.
The Broader Implications for Montenegro’s Fintech Industry
Beyond the immediate concerns for the gaming sector, the law’s restrictions on digital payment methods signal a potential setback for Montenegro’s fintech ambitions. In an era where digital financial services play a critical role in economic development, restrictive measures like Article 68f could deter innovation and investment in this crucial sector. The legal analysis by Schoenherr serves as another alarm-bell-call for a reevaluation of the law, urging policymakers to consider the long-term impacts on the country’s digital and financial landscape.
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