Armenia Enforces Cash Payment Ban for Online Gambling

In a step to curb gambling addiction, the Armenian government is vigorously implementing a cash ban for online betting activities. Following directives from the National Assembly, agencies have been instructed to set into motion rules that permit the topping up of online gambling accounts exclusively with cards issued by nationally licensed banks.

This strategic move is orchestrated as a potent measure against gambling addiction. After being tabled by Civil Party MPs Tsovinar Vardanyan and Gevorg Papoyan, the proposal received approval from the National Assembly in May 2022. Yet, the implementation was delayed as it necessitated an in-depth review by the Finance Committee, owing to the transformative nature of these rules on existing financial regulations. It’s noteworthy that the Central Bank of Armenia endorsed this recommendation earlier this month, setting a positive tone for its execution.

Furthermore, last year marked a pivotal shift in Armenia’s gambling landscape, with the approval of tax increments for betting, sweepstakes, and online games. The legislative changes realigned gambling licensing and ushered in a quota framework. Companies engaging in online gambling with lucrative payouts now have the obligation to purchase rights for accepting bets amounting to 100bn drams (€239.8m) and bear a duty of 175m drams (€419,800). Highlighting the escalating gambling turnover, Deputy Minister of Finance, Arman Poghosyan, elucidated that the upsurge in taxation was a pragmatic response to the burgeoning scenario.

Tags: #Armenia #OnlineGambling #CashBan #GamblingAddiction #NationalAssembly #TaxIncrease #GamblingTurnover