A bill approved April 30 by the Russian Duma will overhaul the country’s sports betting system. Bill 647044-7 gives the government authority to limit the types of events can be bet on, according to SBC News.
Changes also include a tax on bets placed on overseas competition and extending financial commitments to participants.
Operators accepting bets on non-Russian sports will now be required to pay at least 5 percent of the gross gaming revenues to Russian sports federations to help fund the wide-ranging association, according to Asia Gaming Brief. The bill remains unclear on its interpretation of international sports organizations.
If bookmakers don’t pay the bill within three months, their licenses can be yanked. Russia licenses 20 sportsbooks approved by the Russian federal tax authority.
The government has also increased the financial obligations of licensed bookmakers, with operators forced to maintain a minimum liability of RUB500 million (US$6.6 million) in bank guarantees, with a RUB1 billion in net assets.
International law firm Dentons’ issued a guidance note: “This bill will enter into force 60 days after its official publication, which will happen after the President assents to the bill and other technicalities are completed. In terms of timelines, we are looking at the new requirements taking effect in mid-autumn 2020.”
