Russia imposes new tax on sports betting

Russia imposes new tax on sports betting

The new tax will apply to operators who offer betting on overseas events. Bookmakers will also have to choose between a sports betting or tote licence.

Russia.- New legislation expected to come into force in mid-autumn will limit the type of events on which gamblers can place bets and introduce a 5 per cent tax on company’s that offer betting on foreign sports events.

General sports betting will be limited to events held by Russian national sports federations and professional sports leagues. For wagering on non-Russian events, bookmakers will have to pay a tax equivalent to 5 per cent of gross gaming revenues (GGR) to the Russian sports federations. Payments must be made every three months or operators will be at risk of losing their licences.

Operators will now also have to chose between having a sports betting or tote betting licence, but not both. All licence holders will be obligated to back up their licence with a RUB500 million (US$7 million) bank guarantee and RUB1 billion (US$14 million) of assets. 

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russia sports betting taxes