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As per the reports from Russian gambling news outlet ‘News of Gambling’, the government in Armenia is likely to change the casino licences and regulations so that it can reap benefits from the growing gaming market in the country.
The finance minister of Armenia is trying to push forward these changes which would allow the investors, trying to invest in Armenian market an automatically granted gambling licence with a required investment of AMD 40bn ((£650,000) or more.
The country currently has stringent casino rules; however, there are already casinos operating within Armenia in four designated gambling areas along with the state run lottery, licensed gaming halls and some iGaming operators within the country.
With the Ministry of Finance aiming to woo the wealthy casino goers, new legislation has been introduced on the June 1 relaxing the strict laws, while keeping a check on money laundering by keeping an eye on large gambling transactions. The government will monitor the transactions in its database of the players wagering over AMD1m (£1600).
Ever since 2006, there hasn’t been any considerable change in Armenia’s gambling laws which resulted in no financial gains to the government despite massive growth in the gaming sector. It has led to the government to expand future gaming operations to monitor tax and benefit greater from the industry.