Armenia to implement ban on using cash for online gambling
The government says the move is intended to tackle gambling addiction.
Armenia.- The government is moving ahead with the implementation of a ban on cash payments for online betting and gaming. The National Assembly had told agencies to implement the rules, allowing online gambling accounts to be topped up only using cards issued by nationally licensed banks.
The government says the move is designed to fight gambling addiction. The measure was approved by the National Assembly in May 2022 after being proposed by Civil Party MPs Tsovinar Vardanyan and Gevorg Papoyan. However, a requirement for the proposal to be reviewed by the Finance Committee took over a year.
The review was necessary because the new rules modify regulations on financial management. The Central Bank of Armenia made a positive recommendation earlier this month.
Last year, Armenia also approved tax increases for betting, sweepstakes and online games. The amendments made changes to gambling licensing and introduced a quota system. A company offering online gambling with winnings would have to buy the right to accept bets worth 100bn drams (€239.8m) and pay 175m drams (€419,800) in duty. Deputy minister of finance Arman Poghosyan said that the increase in tax was necessary because gambling turnover had risen dramatically.
