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The online sports betting law comes into force, the conditions that the entities must meet

Politiko 2024-04-02 09:40:13

The online sports betting law comes into force, the conditions that the entities

Starting from yesterday, the online sports betting law came into force. All interested entities must meet the legal criteria to apply for a license.

According to the law, a total of 10 licenses will be issued with a 10-year term, with each of them one thousand betting units can be opened. Only those companies that have been active in no less than 3 EU/OECD countries and for no less than 3 years will participate in the competition for the license.

To apply, the company must have a capital of 40 million ALL, while the licensing fee for the exercise of this activity is 400 million ALL.

The government plans to collect 2 billion lek of income per year from the reopening of sports betting, which money will be poured into a special fund for the development of sports.

To play online, people will register with their identity card on the website or application, all transactions will be done through the banking system and the organizers are obliged to keep the players' data in a special register for three years.

According to the government, this is a measure to control the money that will circulate in this activity.

Meanwhile, in order to protect the player and give guarantees to the winner, the law has decided that the organizer of online sports betting must solidify a fund of 120 million lek, but not less than 5% of the sums made available for the game by the players within a previous fiscal year, in a special bank account, in favor of the Ministry of Finance, which is unlocked only by order of the minister responsible for finance

The ten companies within the 15th of each month must pour into the account of the Special Fund 15% of the gross income from the game, while the players will be taxed on the basis of the income they provide, i.e. with bandages from 13-23%.

The income obtained from the implementation of this law serves for the creation of the Special Fund that serves to support projects in the field of sports, culture, and innovation technology.

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