The Russian sports betting industry is changing for the worse. The government wants to have full control of all sectors in the country. Thus, the state Duma approved a bill that would have a significant impact on the Russian sports gambling landscape.
The Duma approved the bill as lawmakers passed it on its second and third readings. It made its first appearance in the last week of April. As a result, federal gambling regulators changed the rules to give the government more control over the sports betting industry.
The new rules put a limit on the types of sports events that people can bet on. Also, it increased the financial obligations of sports betting licenses in Russia. Thus, there will be fewer sports wagering options. There’s also an increase in fees paid by operators. It will result in losses for the industry.
The Future of Russian Sports Betting Industry
According to Sportsbookpayperhead.com, licensed sportsbooks can only accept wagers for sports sanctioned by a domestic or foreign governing body. Although it might seem to improve the integrity of games, the government can disallow bets on any event at any time. Kremlin doesn’t need to get approval from anyone.
Also, operators need to pay an additional tax of five percent of their gross gaming revenue on some sports bets. Based on sports betting software sources, the fee used to apply to local events only. However, the new rule applies to international events as well. Bookies also need to have a bank guarantee of at least $6.95 million with twice the amount in net assets.
According to betting software providers, the new legislation is just waiting for the signature of President Putin. It will take effect 60 days after official publication, which starts after the president’s approval. Thus, the government would implement the new rules in the autumn of this year.