Russia Adds Fifth Gambling Zone In Sochi

Published Monday, August 22, 2016 -
Russia Adds Fifth Gambling Zone In Sochi

Russia has been toying with the online gambling industry for a few years now by changing the rules and regulations required to play. Back in April the Russian government put forward a proposal that could lead to a new 10% tax on online sports betting sales in the nation. The outlined plans to amend current federal laws and the new tax regime are expected to come into effect if approved in December of 2016.

Russian authorities also recently introduced a new set of fees that companies will be paying on online wagers. Russia awarded its first online sport betting license earlier this year to domestic online gambling operator Liga Stavok. Now just a few months after the new regulations were proposed Russian authorities are announcing a fifth gambling zone where gambling is legal and permitted.

Sochi, the district where the Olympics were held has been designated as an established gambling zone. According to TAS, the state news agency the Krasnaya Polyana zone was officially sanctioned by a resolution signed by the Russian Prime Minister, Dmitry Medvedev. The new territory for wagering activities is to be located on 165,000 square meters of land that was previously the 2014 Winter Olympic Games city. The original zones created were Altai Territory in West Siberia, the Krasnodar Territory in southern Russia, the Primorye Territory in the Far East and the Russian Baltic exclave of Kaliningrad which were remote and relatively inaccessible. Gambling was banned in all but the four areas of Russia in 2009.

Sochi was improved with the funds injected for the Olympic Games in 2014. The population has grown  from 385,000 in 1989 to almost 500,000 in 2016. The surrounding Krasnador territory, Russia‚Äôs warmest region, has seen its population grow by a third in the past 25 years which is slow in comparison to other regions. The economy of Russia is bouncing back and the addition of another gambling region will help improve the financial situation there.  





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