A brief review of gambling legislative initiatives of April
A traditional section by Slotegrator continues keeping you posted about the latest legislative initiatives on gambling all over the world. Various controlling bodies keep taking certain actions toward stiffening or loosening of their local regulations for gamblers and operators in terms of the current situation on the market. Some of the actions taken in this very April serve as a vivid proof that iGaming is on the right track gradually moving toward its evident advancement.
Gambling is literally flourishing after it was finally legalized back last year. The government have decided not to be complacent about their past accomplishments and have already started preparing another array of laws on gambling that might be already adopted during the next parliamentary session in fall. The new draft bill entails world´s highest standards applied to regulation of the gambling business, as well as the best taxation policies, including effective approaches to cracking down on illegal cash withdrawal. According to the opinions of high-ranking officials, the newly adopted initiative will contribute to sustainable development of national tourism. This question is a matter of concern, especially in anticipation of the Olympics of 2020 to be held in Tokyo. The major operators of the region have already took the initiative to become licensees of the Japanese regulator. The country is expected to increase the number of entertainment facilities, casinos and resorts. According to some experts, Japan very soon will be able to compete with Macao on the East and by 2030, its gambling profits will account for around $24 bill.
After conducting a joint study with the EU based on the analysis the of blockchain technologies, last February Japan managed to submit a couple of amendments to their legislative acts stating that cryptocurrencies are of equal value with traditional currencies. Starting from April 1 of this year the said amendments came into force. Currently the regulators are working on improvement of accounting standards applied to cryptocurrencies.
The US legislators, in their turn, started taking actions toward legalization of daily fantasy sports. Fantasy sports betting have already become legal in dozens of states, while in some of them the same draft bills are still under consideration. The state of Arkansas has become an eleventh state that has officially legalized daily fantasy sports. In April, the governor of the state endorsed the law according to which the major operators of the industry, such as FanDuel and DraftKings , will get an opportunity to function on the said market and pay 8% of tax to the local treasury. Unlike in the rest of states, the law applicable in Arkansas doesn’t provide any regulations on consumer rights protection.
The state of Alabama is also considering the same possibility of DFS legalization on its territory. Certain draft bills have already been approved by the House of Representatives and filed for the next stage of discussion to the senate. The next thing on the agenda is legalization of DFS in Taxes, Illinois and Georgia. The last week of April was marked by the announcement that Donald Trump’s office is considering the possibility of lifting the ban on sports betting. If the said ban is lifted, betting providers will start operating all over the country, not in Nevada only.
The situation concerning online gambling in Sweden can drastically change promptly. Currently the government has a 100% monopoly on gambling all over the country. The Swedish gambling regulator Lotteriinspektionen has proposed to make amendments to the applicable law and give the green light to gambling. If the said changes are introduced, Sweden will certainly open its borders to foreign operators and, as a result, users will feel free to gamble on foreign resources. It has been also proposed to impose a 18% tax on operators’ gross income. This directive presupposes that the Swedish gambling monopolist Svenska Spel will preserve its monopoly on land-based casinos and slot machines. Lotteries will remain state owned.
Already in 2018 there is a possibility of cryptocurrency legalization in the Russian Federation. This is one of the announcements made by the Deputy Minister of Finance Alexey Moiseev. The Ministry of Finance together with the Central Bank of Russia are considering the opportunity of cryptocurrency legalization with the aim of cracking down on illegal monetary transactions. The new draft bill on regulation of cryptocurrency turnover, according to expert opinions, will be passed to State Duma of the Federal Assembly of the Russian Federation in the middle of this year.