Most Recent Regulations in Online and Land-Based Gambling Industries- August 2022 Overview

By | August 26, 2022

One by one, US states are gradually opening their doors to various forms of gambling, with Massachusetts being the last one to legalize online and retail sports betting. Kansas is also soon to introduce sports betting to its residents, as the market is expected to go live on September 1, 2022.

Meanwhile, in South America, Peru welcomed online gambling, while Chile extended licenses to existing operators after the tender process has been completed. As for Asia, Singapore finally got a regulator, while Thailand is exploring the possibility of making gambling official in the market.

Retrospective from the United States

Kansas: As far as Governor Laura Kelly said, the sports betting industry is scheduled to go live on September 1, 2022, following the approval from the Racing and Gaming Commission. To date, six operators expressed their interest in obtaining mobile betting licenses.

Massachusetts: Governor Charlie Baker signed online and retail sports betting bill HB5164 into law, but the exact date of the market launch is still unknown. Though some legislators hoped it could officially open in September this year, it is predicted that the regulations and licensing process would take longer than that.

According to the Bill, racetracks and casinos are permitted to offer online and retail betting. In addition to this, the regulators granted 7 online-only sports betting licenses. Retail betting has a tax rate of 15% of a gross win, while online is taxed at 20% of the gross win. Betting on in-state college teams and deposits via credit cards are prohibited.

Virginia: Governor Glenn Youngkin approved the state’s budget which included regulations to restrict sports betting suppliers from deducting promotional spend from their tax obligations after they have been operating in the state for 12 months.

Insights from Europe

Finland: Veikkaus went live with new restrictions on the operating hours of gaming machines in grocery stores. Moving forward, customers will be permitted to play games on these machines between 9 am and 9 pm.

Germany: All 32 land-based betting shops in the State of Bremen were ordered to close. Their license applications were rejected as well, due to fears over money laundering issues. The state parliament justified its decision by stating that the operators had not provided sufficient evidence of the source of their funds.

South America Overview

Peru: Starting August 12, 2022, online gambling is legal in the country, as President Pedro Castillo enacted legislation that permits this activity. As defined, the body in charge of supervising the sector is the Ministry of Foreign Trade and Tourism (MINCETUR). The institution has 120 days to establish the necessary regulations.

Chile: Following the completion of the tender process, Chile’s casino regulator Superintendencia de Casinos de Juego (SCJ) renewed licenses for 10 casinos for a period of 15 years.

Updates from Australia and Asia

Australia: According to the new measures issued by the Victoria Government, customers interested in playing games on the gaming machines would be required to present an ID and set a spending limit before they start playing. In addition to this, the max spend is now limited to AU$1,000 in 24 hours.

Singapore: The Gambling Regulatory Authority was established on August 1, 2022, as the regulatory body in charge of supervising the county’s whole gambling market.

Thailand: It seems as if the country is making some progress towards accepting gambling, as the parliamentary committee investigating the possibility of introducing this form of entertainment submitted its reports to the National Assembly.

As far as they suggested, building integrated resorts would attract foreign visitors. Yet, the committee added that Thai citizens over the age of 20 should be permitted to gamble as well. The suggested tax on casino profits is set at 30%.

Source:

H2 Gambling Capital, August 2022.

The post Most Recent Regulations in Online and Land-Based Gambling Industries- August 2022 Overview first appeared on RealMoneyAction.com.

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