Online sports betting continues to conquer one by one state in the US, with Vermont and Kansas being the latest states to make notable progress in regulating this activity. Meanwhile, the UK made modifications to its Gambling Act, Norway came up with new recommendations for advertising, and AU banned the use of credit cards for interactive gambling.
Like in many previous months, the first part of the report is dedicated to the most significant changes that took place United States-wide. In addition to this, the article brings insights into the most noteworthy updates from South America, Scandinavian countries, and the rest of the world.
Stay tuned!
Overview of Regulations in the United States of America
Kansas: The House and Senate approved legislation presented by Governor Laura Kelly in March 2023 to permit the state’s tribes to offer online sports betting beyond their reservation boundaries. To be put into law, the bill needs to receive federal approval from the US Department of the Interior.
Maryland: SuperBook went live with its online and retail sports betting offerings.
Massachusetts: On May 11, 2023, Betr rolled out its online sportsbook.
Texas: The legislation HB1942 which sees the voters being asked for the authorization of sports betting in the state was approved by the House. In order to reach the November ballot, the bill needs to be greenlighted by both the Senate and the Governor.
Vermont: The Senate and House approved HB127 to permit online sports betting in the state. If signed into law by Governor Phil Scott, the Bill would enable between two to six operators to run businesses in the state. The companies would be selected through a competitive bidding process.
Virginia: On May 15, the Caesars Danville Casino opened its temporary establishment. The company expects to get a permanent facility in 2024.
Retrospective of Changes in South America
Brazil: The Ministry of Finance confirmed that the provisional measure that aims to regulate sports betting is in the finalization phase. As far as clarified, the Ministry of Finance would be in charge of legalization and monitoring. It is suggested that a tax rate should be set at 16% on GGR. With the exception of individuals who have a monthly income of less than BRL2,112, other players would have to pay taxes on winnings at a rate of 30% income tax.
Ecuador: Finance Minister Pablo Arosemena suggested a 15% tax on GGR on sports wagering operators with legal residence in the country along with a 15% withholding tax on player winnings. This proposal, which represents part of the wider urgent tax reform bill, was signed by President Guillermo Lasso.
What’s New in Scandinavia?
Norway: The Gaming Authority recommended Norsk Tipping should cut down on its marketing budget by a minimum of 20%, following the Media Authority’s order to TV stations to stop advertising unlicensed gambling operators.
Sweden: Spelinspektionen was granted the power to develop new regulations concerning payment providers to facilitate the blocking of payments for unlicensed gambling. In addition to this, the regulator can use masked identity to access gambling sites and check whether companies operating in the country abide by local regulations.
Updates from the United Kingdom and the Rest of the World
Continuing to adjust its regulation to fit the market’s needs and requirements, the Government of the United Kingdom published its Gambling Act review white paper. Some of the suggested measures are within the existing powers of the Gambling Commission, while the others require changes to secondary legislation.
New limits on online slots (between £2 and £15), affordability checks, and new mandatory statutory levy on operators along with tougher measures on rewards schemes and greater customer controls on advertising are just some of the key changes to be discussed. Also, the Act opens possibilities for an increased number of gaming machines and approvals for land-based casinos to offer sports wagering.
Estonia’s Ministry of Finance proposed new tax rates for the land-based and interactive sectors. As suggested, the fixed monthly fee on land-based gaming tables would rise by 10% from €1,278 per table to €1,405. Tax on online gambling would grow from 5% of gross win to 6% in 2024 and then 7% in 2026, whereas the tax on lotteries would grow by 4%, from 18% to 22%.
Finally, Australia suggested the ban of credit cards for online betting, to adjust its practices with the land-based sector where this measure is already implemented. Also, from July 1, 2024, the Victorian Government plans to increase the consumption tax levied on all bookmakers from 10% of gross win to 15%.
Source:
H2 Gambling Capital, May 2023
The post Newest Regulations in Online and Land-Based Gambling Industries During May 2023 first appeared on RealMoneyAction.com.