General Secretary of the Boxing Federation of Russia Umar Kremlev sent a letter to Prime Minister Mikhail Mishustin, in which he proposed transferring control of the betting market to a single regulator in the form of a non-profit organization established by the state.
According to the authors of the initiative, a single regulator will reduce the shadow activities of bookmakers’ offices, which will lead to an increase in collected taxes and increase sponsorship for sports. The federation believes that payments from bookmakers to sports organizations “should be many times more.”
Now control over the betting market is carried out by self-regulatory organizations (SROs). Instead, the boxing federation, suggests creating a state public company and grant it with both not the powers of the self-regulation organizations, and the partial control functions of the Federal Tax Service and Roskomnadzor. It is also proposed to create a single accounting center to monitor all bets and payments.
The Russian betting market size, according to the “Bookmakers Rating” website, is estimated at 1.25 trillion rubles per year. The revenue of bookmakers for 2019 was 137.5 billion rubles, of which 89.4 billion accounted for legal market.