There are a few countries that don’t allow gambling within their country, and Belarus is in that list. It is much like the American sports betting market. There is a growing demand for online gambling in Belarus. Now, it looks like Belarus is taking steps to legalize online gambling. Last Tuesday, laws on online gambling in Belarus changed. Belarus President Alexander Lukashenko signed legislation that was specific to the gambling industry.
The legislation provides detailed descriptions and definitions of the gambling industry. There was a detailed explanation of online gambling through virtual casinos. Also included, are the administration, and the organizational structure of these operations.
Regulations on Online Gambling in Belarus
The law and the procedures set forth will cover the taxation of online gambling. Also it covers licensing procedures for gambling operators. The government also set requirements and conditions for those who want to operate.
Some of the requirements detailed in the legislations were conditional. Operators will receive a license after they give a deposit to a specified account. The amount is not specific, but should to be enough to cover the winnings. And of course, taxes owed if an operation were to suddenly close shop.
There was also an increase in the age requirement for online and in physical casinos. From 18 years old, the new minimum is set at 21 years old. They also won’t allow people giving money to other people to gamble. Video surveillance is also required.
This measure helps the country keep the revenues from leaving the country. Currently, its popular to place bets online from international operations. Thus, the taxes and revenues collected go to operators from other countries.
Belarus’ Minister of Taxes and Levies, Sergei Nalivaiko is the author of this law. This law comes at a great time. There have been requests for the government to start updating their laws on gambling for a while.