The Armenian Parliament adopted in the second and final reading amendments to the law on state duty. The amendments, approved by 60 votes with 6 abstentions, include an increase in taxes on betting companies, sweepstakes and online gambling.
The amendment, passed on first reading earlier this month, amended gambling licenses and introduced a quota system.
Companies providing online gambling with prizes must acquire betting rights worth 100 billion drams (239.8 million euros) and pay fees of 175 million drams (419,800 euros). The draw system is different. For the right to accept bets up to 50 million drams, the operator must pay an additional 5 million drams.
Deputy Finance Minister Arman Poghosyan said the tax increase was necessary as gambling business sales rose from AMD 140 billion in 2017 to AMD 4.2 trillion in the first nine months of this year, which is expected to generate additional revenue in the amount of 10 billion drams annually from 2024. The amendments will come into force on July 1, 2023.
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