Armenia has been experiencing a remarkable surge in its iGaming market. However, recent regulatory changes and amendments have presented challenges to sustaining the Eastern European country’s impressive trajectory in the industry.
The gaming landscape in Armenia has been primarily shaped by the 2005 Law on Games of Chance and Casinos, encompassing both land-based and online gambling. This legislation delineates licensing procedures and regulatory guidelines for operators. Despite a modest 0.4 percent growth in Armenia’s online gaming segment last year, concerns persist regarding potential revenue flowing to foreign operators.
SiGMA founder’s initiatives in Armenia
During a recent visit to Armenia, Eman Pulis, the founder of SiGMA Group, delved into the country’s evolving gaming landscape. Pulis, after touring Betconstruct’s live studio, gained a profound understanding of the local gaming infrastructure. He expressed interest in the changing regulatory environment and commended Armenia’s efforts to level the playing field for operators. Pulis highlighted how companies like Betconstruct are leading the way in inclusivity by employing diverse and marginalized groups.
SiGMA’s survey to explore inclusive employment in the gaming sector
In response to Pulis’ concerns and insights during his visit, SiGMA Group has launched a survey to assess the gaming industry’s inclusivity and employment practices, particularly focusing on the inclusion of individuals from diverse and marginalized backgrounds.
As Armenia continues to redefine its iGaming laws and regulations, the industry faces both challenges and opportunities. The commitment to fair competition, consumer protection, and responsible gambling measures is evident. The evolving landscape, coupled with SiGMA Group’s active involvement, hints at a dynamic future for Armenia’s gaming industry, one that strives for inclusivity and sustainability.
Legislative amendments for foreign casinos and bookmakers
In addition to the exemplary employment strategy witnessed by Pulis in Armenia, there are many positive efforts that will mold the gaming sector. To address concerns about revenue flow to foreign operators, Armenia is implementing legislative amendments aimed at aligning foreign online casinos and bookmakers with local regulatory frameworks. The goal is to establish a level playing field in the online gambling sector, fostering fair competition and bolstering consumer protection.
A notable aspect of this initiative involves requiring gamblers and bettors to open designated bank accounts for their activities. This move aims to enhance transparency, allowing authorities to analyse the financial impact of gambling on individuals and the broader economic landscape. It aligns with a global trend towards increased regulatory scrutiny and responsible gambling measures.
While these amendments showcase a proactive approach to regulation, questions arise about their practical implementation and potential challenges for both operators and players. The mandate for special bank accounts underscores a commitment to addressing concerns related to gambling addiction and financial transparency.
Parliament endorses with a measure of mandates
Armenia’s Parliament has further reshaped the online gambling landscape by endorsing a measure that mandates exclusive funding of accounts with money directly from personal accounts. This aims to bolster financial transparency and curb potential illicit activities within the sector. The move toward a cashless system, while enhancing financial security, introduces a requirement for individuals engaging in online gambling to have active bank accounts. Notably, non-citizens are exempt from these new measures. These changes represent a robust effort to ensure a secure and accountable framework for online gaming, aligning with global trends emphasizing the benefits of digital transactions.
Armenia’s gaming sector is poised for a dynamic future that can proudly boast of am employment strategy that prioritizes inclusivity and sustainability.
As Armenia takes strides towards a cashless system and mandates exclusive funding, these efforts, coupled with a commitment to financial transparency, showcase the nation’s dedication to creating a secure and accountable framework for online gaming in alignment with global trends favouring digital transactions.
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