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Ekonomia

After 5 years, online betting is legally back!

After 5 years, online betting is legally back!

From today, online betting will officially be legal. 10 companies have the right to request to be licensed for a period of 10 years. Only those companies that have exercised this activity in the EU countries for three years can enter the competition

This Monday, the gambling law officially entered into force, paving the way for the return of sports betting only online. Five years after the government's 'End of Stupidity' initiative that closed the doors for more than 4,000 betting points across the country, they will now reopen but with new rules.

In total, 10 licenses for the exercise of this activity with a lifespan of 10 years will be granted by the Gambling Supervision Authority.

Only those companies that have been active in no less than 3 EU/OECD countries and for no less than 3 years will participate in the competition for the license.

The applicant entity or at least one of the shareholders must have generated in the last financial year at least 2 billion ALL turnover from activity in the field of gambling. Also, they should not have criminal prosecution and should not carry unpaid obligations.

To apply, the company must have a capital of 40 million ALL, while the licensing fee for the exercise of this activity is 400 million ALL.

To play online, people will register with their identity card on the website or application, all transactions will be done through the banking system and the organizers are obliged to keep the players' data in a special register for three years.

According to the government, this is a measure to control the money that will circulate in this activity.

Meanwhile, in order to protect the player and give guarantees to the winner, the law has decided that the organizer of online sports betting must solidify a fund of 120 million lek, but not less than 5% of the sums made available for the game by the players within a previous fiscal year, in a special bank account, in favor of the Ministry of Finance, which is unlocked only by order of the minister responsible for finance

The ten companies within the 15th of each month must pour into the account of the Special Fund 15% of the gross income from the game, while the players will be taxed on the basis of the income they provide, i.e. with bandages from 13-23%.

The income obtained from the implementation of this law serves for the creation of the Special Fund that serves to support projects in the field of sports, culture, and innovation technology.

The systems of these betting companies will be audited by the Licensing Commission. The opening of online sports betting is expected to bring to the state budget 2 billion ALL in revenue per year.

 

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