Only 1% tax in Russia for sports betting operator is the new proposal that comes from the Russian Ministry of Finance
Good news for sports betting operators come from Russia. The Russian Ministry of Finance has recently made public the plans of the Government for reducing the tax rates for sports betting operators to an amazing 1%. The Russian ministry of finance continues with the active politic of attracting sports betting operators in the country with the introduction of one of the best tax rates in Europe. At the beginning of the year the government introduced a 5% tax rate for sports betting wins which was ultimately dropped at 3%.
The growth of the Russian sports betting sector
The advantageous policies introduced from in beginning of the year were a main reason for movement on the sports betting market in the country. The Russian market is now seen as a good opportunity for many companies not only from the country but also from abroad to make a high profit as allowed by the low tax rates, report gambling news.
In the past month for instance the Russian bookmaker Leon, became the fifth sports betting operator in the country, joining thus the already operating LigaStavok, 888.ru, Winline and 1xStavka (1xBet). This is the first betting brand of the Bookmakers Self-Regulatory Organization (SRO) which gained a governmental license for operating the sports betting market in the country. According to online gambling sites in Russia the plans of the brand to increase its retail betting shops to more than 500 all over the country in the next year. Companies from abroad are also considering the possibility to invest in the country.