Russia’s Finance Minister, Anton Siluanov, has proposed to President Vladimir Putin the legalization of iGaming in the country. The Finance Minister proposed to allow one operator to offer its services and pay at least 30% of its revenue in government taxes each month. This would add $1.3 billion annually to the federal budget. Online gambling
Russia’s Finance Minister, Anton Siluanov, has proposed to President Vladimir Putin the legalization of iGaming in the country.
The Finance Minister proposed to allow one operator to offer its services and pay at least 30% of its revenue in government taxes each month. This would add $1.3 billion annually to the federal budget.
Online gambling has been prohibited in Russia since 2009, but it’s reported that over 100 illegal platforms operate in the country and generate $39 million in revenue every year.
While supporters believe this plan could fight the rise of the black market and create protections for players, including a reduction in gambling addiction, others say it is a measure to recollect the losses from the Ukraine war. Additionally, critics argue that the plan could harm vulnerable groups who aren’t prepared to face financial losses, like the poor and elderly.
Vasily Riy, executive director of the Association for the Protection of the Rights of Gambling and Lottery Participants, stated:
“Legalization is one of the tools to counteract the illegal market, but not the only one. Legalization in many countries in various forms shows that, in the absence of proper state control, the effect can be the opposite.”
Land-based casinos, on the other hand, are permitted in some special economic zones such as the Primorye Krai, where the Tigre de Cristal and Shambala are located. According to the Finance Ministry, the legal industry generates $22 million in revenue annually.