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Impact of Gambling Regulations on Economy in CIS countries

4 November 2020, 17:24
Votes: 1

Within the SBC Digital Summit CIS, experts who have various roles in the gambling industry have shared valuable information on approaches their countries’ governments take towards it and how it influences the economy.

Impact of Gambling Regulations on Economy in CIS countries

If to read the latest news about the gambling market, it is clear that governments restrict it in everything where it is possible. Maxim Afanasyev, CPO at Liga Stavok, agreed with this fact saying that now tougher gambling regulations are a worldwide trend. He has also noted that Russia isn’t an exception as the government has an intention to increase targeted contributions for operators. According to a recent report provided by the government representatives, these contributions account for 50 million dollars for the last year. However, the government is going to, at least, double this sum.

Regulations are important, but there should be the golden mean

Yurii Shevchuk, Head of Compliance and Regulations at Parimatch, has emphasized that a proper regulative framework is crucial for any country. Otherwise, it is a big hole in the taxation system and government policy, which can lead to money-laundering and other illegal actions. When the gambling sector is out of scope, it means big risks for a country that can’t control it. The gambling industry development also brings development to the overall economy. However, according to Maxim Afanasyev, there should be a golden mean in taxes and regulations.

The speakers also discussed the opportunity for the gambling industry to join the list of the core industries. Maxim Afanasyev has said that, in Russia, it is almost impossible that it will be considered among the main industries as the country has only the legalized betting sector. Bachana Shengelia, Head of Sector Research at Galt & Taggart, is more optimistic about his country, Georgia. He has said that it has many opportunities for market development, especially in certain regions, which can become tourism zones and make the gambling industry the main economy driver. In general, the expert describes the gambling market in Georgia as a regulated and mature industry, that contributes much to the state coffers.

Read more: Regulations for gambling in Europe

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