Armenia to ban cash in online gambling

The Armenian government is determined to ban the use of cash for online betting and gambling. Operators have already been required to follow new rules that require virtual casino accounts to be funded only with cards issued by nationally licensed banks. The move is aimed at combating gambling addiction and was approved by the National Assembly in May 2022 at the suggestion of Civic Party MPs Tsovinar Vardanyan and Georg Papoyan.

However, it took time to revise the legislation, as the new rules changed financial management. The Central Bank of Armenia authorized the changes. Last year Armenia also increased taxes on betting, totalizers and online gambling.

The amendments made changes to gambling licensing and introduced a quota system. Companies providing online gambling services must now acquire the right to accept bets. The amount of the fee is 175 million drams (approximately 420,000 euros). These changes have been made due to the growing volume of gambling business in the country.

All these measures, including the cash ban, as the Armenian government believes, will prevent the country's citizens from becoming addicted to gambling.

6 November 2023, 16:41

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