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Belarus Approves Online Gambling
- August 14, 2018 By Riley Wilson -
The latest news coming from Belarus is saying this country is finally ready to allow online gambling.
According to available information, President Alexander Lukashenko signed the new gambling legislation last week.
A Much-Needed Piece of Legislation
The Decree №305 introduces a completely new licensing and taxation system and also defines the requirements and conditions to conduct online gambling operations within Belarus.
Under the provisions of the new legislation, all companies interested in offering online gambling services to players in Belarus will require a license which will be greenlighted only after a deposit is made to a special account. This unspecified amount would be used to pay out winnings and taxes in case the casino goes bankrupt.
The new legislation also stipulates that tax authorities will be given remote access to the establishment, while cash turnover will be covered using a special computer system.
The minimum legal age for gambling will be set at 21 years, which is a big change since the current limit is at 18. This will be applied to all casinos, no matter whether they are land-based or online. To prevent any irregularities, all gambling facilities in Belarus will be required to have video surveillance systems.
Taxes Will Stay the Same
When it comes to the tax rates, the good news for casinos is they will remain unchanged for the next three years. Many feared the new legislation would increase the tax rates, making the situation much more difficult for the entire industry.
The new legislation should also help keep money inside the country since a large portion of Belarusians spends their money gambling online through foreign-based websites. The authorities hope this tendency will be reversed, which would bring additional funds for the state coffers.
The country’s latest gambling proposal has been drafted by Sergei Nalivaiko, the Minister of Taxes and Levies. It should be pointed out the gambling laws were in a dire need of updating, and although its date of coming into effect is still unknown, we can expect it will happen in the coming period.
Whether it will manage to lure players away from the gambling black market is yet to be seen.