A digest of November legislative initiatives. Expert opinion.
It is widely known, that the gambling industry has always been under scrutiny of various regulators. In some countries gambling is completely prohibited, while the others impose a whole range of limitations on this kind of business. Slotegrator has prepared the following review in order to shed light on all the positive changes that have taken place in the area of gambling in November.
One of the Britain´s main regulating bodies, the UK Gambling Commission, is currently considering changes to the actual legislation and regulatory acts that have remained applicable, but unamended since 2007. Broadly speaking, the upcoming amendments are going to affect the general rules of running gambling businesses online, for instance, they will cover the standards of software products application provided by third-party developers, regulations over virtual sports betting and various issues of the financial area of this segment of the market. Operators carrying on business online entirely supported this initiative.
During the discussion of the amendments to the law regulating Remote Gambling & The Technical Standards, different experts pointed out, that activity regulations over separate segments of the online market will allow to conduct business in a more transparent way and will contribute to evasion of penalties from the side of regulatory bodies.
The Mongolian State Great Khural has recently received a bill stipulating legalization of the gambling business. The bill implies creation of gambling zones in the north of the country, which is in close proximity to the Russian border, as well as in the south of Mongolia, closer to China, with a view to boost its popularity among Russian and Chinese players.
It is important to emphasize, that this is not the first attempt to legalize gambling in this country. None of the previously announced initiatives have been supported by the parliamentarians yet.
Australian regulators passed a new law forcing all the actual online operators of the gambling businesses to obtain licenses. Violators face heavy fines: private entrepreneurs might pay around $ 1.03 mil. a day, while companies are obliged to arrange payments accounting for $ 6.75 mil. in case of a breach. The legislative act covers creation of a so-called "black" list of entrepreneurs caught in regular violation of the said rules.
Minister of Social Services, Alan Tudge (Alan Taj), said that the law is primarily aimed at the operators of gambling businesses, conducting their activities under offshore licenses, considered illegal in Australia. Such strict regulations will lead to considerable cleanup of the Australian gambling market.
Brazil, currently undergoing a financial crisis due to the fall of oil prices (a major source of budget replenishment), is looking for ways to overcome the declining financial indices. A year ago, the country's parliament received a draft bill legalizing activities of the casinos and gambling houses. This November, the Senate Committee approved the said draft bill. The initiators of the draft bill are convinced that the removal of the ban for carrying on gambling activities will boost treasury revenues. Experts are sure, that casino operators and owners of the gambling houses will transfer annually around $ 1.8 billion to the state treasury.
According to the ex-Minister of Armenia, Hovhannes Manukyan, restraining initiatives regarding gambling businesses in the country affect negatively the economy and require reforms. The new tax code stipulating 5 - fold increase in the cost of the licenses, caused a real storm of dealers´ protests.
The executive is sure, that gambling contributes to the development of tourism in the country and affects the economic indices positively. Manukian claims, that regulatory bodies should take into account the impact of gambling on the social life of the Armenians, as well as bear in mind spatial development. His expert opinion regarding this issue was posted on his Facebook page.
Let us recall: the updated law “On Licensing”, entering into force June 1, 2017, was finally passed by the parliament during the second reading.