Armenia's iGaming Industry Redefines Legal Framework with a $12B Market Value
Armenia has been developing its iGaming market for a few years, which has been quite successful, generating around $12 billion in revenue in 2022. However, with new laws being introduced, this figure might change.
In Armenia, the laws governing online gambling are mainly based on the 2005 Law on Games of Chance and Casinos. This legislation governs both land-based and online gambling establishments, laying out the licensing procedures and regulatory requirements for operators.
Recently, Armenia decided to make some changes to the industry, like imposing higher taxes and implementing cashless gaming. This minor growth in the online gambling sector has, however, raised some concerns about foreign operators taking a significant share of the market. Now, the government wants to better understand the situation.
The Same Rules for Everyone
There's an ongoing effort to regulate online gambling in Armenia, starting with introducing laws that will bring foreign online casinos and bookmakers under the same framework as local ones. This change aims to ensure a fair competition between local and foreign operators.
The proposed regulations would require foreign operators to abide by the same licensing conditions as local ones. Additionally, the government hopes to improve consumer protection and prevent any illegal activities.
An interesting part of this initiative is the requirement for players to open bank accounts specifically for online gambling activities. These accounts would provide the government with the insight into the financial situation of gamblers, which is in line with a global trend in the gaming industry.
The lawmakers behind the changes believe that designated accounts would enable them to evaluate the economic impact of gambling on individuals and the country as a whole. This move is aimed at ensuring responsible gambling and financial transparency.
Although this effort seems promising, it raises questions about its practical implementation and the potential challenges it might present for operators and players. The requirement for special bank accounts is intended to address concerns about gambling addiction and financial transparency.
Cashless Gambling With Bank Accounts
Armenia's parliament also introduced a new law that would require players to fund their accounts only from their personal bank accounts. This measure is aimed at enhancing financial transparency and reducing the risks associated with the online gambling market.
This law prohibits the use of funds from third parties, creating a more secure and accountable gambling environment. Furthermore, it aligns with the growing trend of embracing cashless transactions in the online gaming market.
Another aspect of this measure is the restriction on using cash to top off online gambling accounts. That's because the government wants to streamline financial processes within the industry and promote digital transactions in line with global trends.
Despite these new regulations, non-citizens are exempt from them. However, everyone who wants to participate in online gambling must have a bank account, which could be a disadvantage for those who don't have access to one.
Read also:
- The discontinuation of SVolt would significantly affect Saarland.
- Hamburg celebrates the vibrant, noisy, and piercing Schlagermove with enthusiasm and excitement.
- Tornado warning: Storm hits the Elbe area
- Upcoming challenges loom large for Tuchel as season ends.
Source: www.casino.org
