Bookies to pay more taxes for sports in Russia

President Vladimir Putin signed into a law a bill that makes bookies pay 5 percent of their proceeds to foment sports in Russia.

Russia.- Bookmakers will be required to pay five percent of their proceeds every quarter in order to foment sports developement in the country, according to a new law signed by Russian President Vladimir Putin.

Brand new legislation compels bookmakers that take bets on sports event to agree with “professional sports entities” on the use of logos and names of events, namely, all-Russian sports federations, professional sports leagues, organizing events like that, and on the basis of agreements to deduct certain sums from the proceeds. It’s been estimated that at least RUB 15 million (US$264,645) overall will be deducted per quarter.

Bookies will also be allowed to advertise in sports media, match broadcasts, at stadiums and on players’ and athlete’s uniforms, according to the new law.

Deputy Prime Minister (and former Sports Minister) Vitaly Mutko will supposedly hold a meeting with bookmakers soon to clarify every detail of how the law will be effectively executed.