BELARUS

Belarus requires $ 1 million security deposit for online gambling operators

When opening an online gambling website, the organizer must ensure that, regardless of financial circumstances, it will be able to pay the winnings, taxes, fees and duties, penalties and other payments, which, according to the law, are mandatory. Thus, every online gambling company will be obliged to open a special account in a bank, which in the course of the company’s gambling activity will be the guaranty of the required payments.

Requirements of financial solvency are not exclusive and are registered in almost all countries with legalized online gambling business. Thus, in Italy, the financial guarantee is € 1.5 million, in the Czech Republic – € 1.1 million.

At the same time, according to representatives of the industry, this obligation will negatively affect the bookmaking market of Belarus.

“Not all bookmakers in Belarus can afford to create a similar security deposit. Tightening the requirements will lead to a narrowing of the market and will deprive it of healthy competition, ” Deputy Director of the Pari-Match betting network, Yulia Leshkova said.

Recall that the requirements for confirming the financial viability of gambling operators  have been successfully implemented in Estonia, Lithuania, Armenia, Georgia, Latvia, and Slovakia.

Source: LoginCasino.com

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