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Russia targets payment processor, 2020 betting traffic falls 30%
Russia targets payment processor, 2020 betting traffic falls 30%
By
Russia’s online sports betting operators have started off 2021 in much the same way they ended 2020: under attack.
On Monday, Russia’s government published the gambling regulation signed into law by President Vladimir Putin on December 30. The publication officially starts the 270-day countdown for the arrival of a new Unified Gambling Regulator, which will now officially assume oversight of Russia’s gambling market on October 9.
The new law also calls for a 1.5% tax on all online wagers, with the collected funds aimed at helping to fund Russian sports bodies. The tax will be deducted by the at-present-entirely-theoretical centralized payment processing hub that will replace the two existing hubs currently operated by Russia’s two rival bookmaker self-regulatory organizations (which are themselves both slated for dissolution).
Putin Gives Bookmakers A Lot To Think About With New Regulations Published January 7, 2021 by Sol FH
Russian President Vladimir Putin signs-off on new legislation that calls for an overhaul of the Russian sports betting market.
Last week, Russian President Vladimir Putin officially signed legislation that calls for a major overhaul of Russia s online sports bettingindustry. The new legislation includes much stricter oversight for the entire internet in Russia, including the approval of the Roskomnadzor telecom watchdog to scan traffic that would be considered ‘discriminating’ against Russian media. This includes the likes of Facebook, Twitter, and YouTube.
The new laws will also include biometric authentication from customers seeking to use financial and public services.
In Summary:
Russian President Vladimir Putin has signed new law aimed at re-regulated the betting sector and creating the Unified Gambling Regulator
Based on the new law, Russian betting firms will have to meet a minimum $403,000 contribution to sports quarterly
Some companies have warned against over-taxation and others have pulled out of the market altogether
Russian President Vladimir Putin has signed the law that creates the Unified Gambling Regulator, which will oversee the gambling industry in the country.
Putin Signs New Gambling Law, Creates Regulator
President
Vladimir Putin has signed a law paving the way for Russia’s
Unified Gambling Regulator, a new monitoring body that comes as part of the country’s efforts to re-regulate the gambling industry and avoid capital outflows to illegal operators.
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