Requirements for bookmakers could affect business in Russia

The political party Communists of Russia has proposed tougher requirements for bookmakers.

Russia.- Nikolai Oganezov, head of the bookmaking subcommittee and sweepstakes of the Chamber of Commerce and Industry of the Russian Federation, has discussed the proposal of the Communists of Russia party leader Maxim Surayikin, which asks for tougher requirements for bookmakers that received a licence before the change in legislation in 2010.

While the Communists of Russia proposal highlighted the need to increase bank guarantees for gambling companies in case they have to file for bankruptcy, Oganezov said that lawmakers need to consider the abolition of bank guarantees and forget the increase of such funds.

“A bank guarantee is only needed by the bank itself, the requirements established by the law only acts in the bank’s interest, as player’s protection is already guaranteed by the SRO compensation fund,” explains Oganezov. The head of the bookmaking subcommittee also said that forcing the situation around the rules for bookmakers can negatively affect the development of betting businesses in Russia.

After Surayikin’s statement, president of the Association of Betting Companies, Darin Denisova, said that bank guarantees for bookmakers are unnecessary and that they only hamper the development of a civilised betting market in Russia.