Russia to overhaul sports betting laws

The legislative body has approved a significant overhaul of the existing regulations, targeting taxation on bets placed on overseas events, as well as raising expectations from all participants in the activity. According to the revised legislation, which was passed during a second hearing, there will be now limits on what events can be bet on.

The legislation will also limit bets to Russian national sports federations, as well as professional sports leagues in a bid to avoid match-fixing and fraudulent activities. Lawmakers have cautioned the industry that because of systematic failures in meeting tax obligations, some licence holders may now face licence suspension.

Meanwhile, to guarantee liquidity and players' funds safety, the Duma has said that every operator should have at least RUB 1 billion in a bank account. There are two months for all licence holders to prepare for the sweeping changes, after which lawmakers will seek to apply penalties if licence-holders have failed to comply.

Russia has been a fairly walled-off sports betting and gambling market in recent years. One of the technological revolutions that have allowed greater penetration has been blockchain. Thanks to the blockchain, many trusted casinos, such as Bitcasino.io and BitStarz have created a tailored offer allowing players from anywhere in the world to play, with dedicated localization for Russians.

BitStarz supports a Russian user interface. Meanwhile, Russian players continue to seek bitcoin gaming as one of the viable alternatives to traditional sports betting and igaming. Providing they play at the right blockchain casinos, their funds will always enjoy the necessary level of protection that licensed casinos guarantee regardless of the operator's physical location.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Tudor

Works as a developer and helps keeps the digital cogs turning. Leave them alone, they're busy.

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