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The Greek Ministry of Finance, which is in charge of gambling, issued the regulations. Those who have been operating with interim licenses since 2011 can now apply for full licenses. Significant costs are associated with these licenses, so it is expected that not every one of the 24 operators will go for the full license. The application process to obtain a license and it will take up to two months for approval. A fee of $4.6m (£3.5m) will be charged for a license, which will be only for online sports betting.
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The deputy minister said that such virtual institutions will be legalized in Belarus starting from 1 April 2019, when the basic norms of the decree come into force. Taking into account the world experience, the ministry assumes that there will be few of them. "We cannot say that there will be a large number of them in 2019-2020. We do not see any preconditions for such a trend,” he said. As a regulator the Tax and Duties Ministry is interested in preventing online gambling to become a monopoly activity and expects applicants to be able to fulfill the requirements for organizing online casinos. For example, betting offices that accept bets online will need a new license (rules do not change for those who work with fixed cash registers). A transitional period for such offices will be provided through to 1 April 2021. The decree envisages strict requirements for online gamblers taking into account the specific nature of the activity. One such requirement is the development of a so-called pledge fund, which, in the event of financial insolvency, will secure settlements with players and the budget. Such practices are world experience, said Vladimir Mukvich. The size of the fund has not yet been determined, but the decision on it will be made before the decree comes into force.
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"Today's announcement highlights the symbiotic partnership between casino gaming companies and sports entities. We anticipate this is the first of many to come." The most lucrative opportunities figure to come in three to five years when it is projected that more than 20 states will have legalized sports gambling. In the meantime, the NBA and MGM are expected to promote the direct data feed relationship as a way to enhance the live betting product. Already in the United Kingdom, where sports wagering has been legal for decades, more money is bet during a soccer match than is bet on the match prior to kickoff. The U.S. sports betting market also is expected to gravitate toward more in-game wagering in the future, and the speed and reliability of data will be key. "[Now], we have tremendous data analytics information from the NBA -- and that will determine who wins and loses in this arena, the sports betting arena, in the United States," Murren said. "And I think MGM's going to win." Basketball is the second-most popular sport to bet on in the U.S., behind only football. Nearly $1.5 billion was bet on basketball at Nevada sportsbooks in 2017.
In fact, regulated sports betting market could potentially add $2.9 billion to the annual profit of casinos nationwide—and that’s only the beginning of the economic benefits. A 2017 Oxford University report found that the legalization of sports betting would contribute between $11.6 billion and $14.2 billion to U.S. gross domestic product (GDP) annually, depending on which states legalize it and their specific tax rates. Additionally, a legal sports gambling system would create 125,000 to 152,000 jobs paying between $6 billion and $7.5 billion in total wages. That’s an average salary of roughly $48,000 for a typical worker in a new sports betting industry. With advances in online betting services and recent investments from gambling companies like MGM, the economic benefits of legalized sports betting could be even stronger than predicted. In the United Kingdom—the world’s most open online sports gambling market—the mobile betting industry has more than doubled over the past five years, currently covering 60 percent of the country’s sports betting market. U.S. lawmakers would do well to look to the U.K. as a blueprint for the future of sports wagering in America, where mobile betting via smartphones apps could bring an additional $9 billion worth of revenue—a well over 50 percent increase to the total sports gambling revenue, research firm Eilers & Krejcik Gaming LLC estimated. This is because mobile betting applications make the gambling experience far more convenient to the consumer. What’s easier: making a bet for Sunday Night Football from your favorite recliner 30 minutes before kickoff or having to drive to the casino last minute? Technological advances make sports gambling more enjoyable and more profitable. U.K. sports fans bet roughly $1.9 billion on the World Cup alone this summer. Some gambling apps even allow fans to create their own unique bet by simply tweeting an idea at the company, who then picks the odds for the wager.
To put it bluntly, people have to eat, drink, and sleep somewhere when they visit an Atlantic City sportsbook. So, establishments that provide those kinds of services will likely see an uptick with the addition of sports betting. Sports bettors don’t just gamble on sports either. Fitch mentioned that the data showed an overall surge in casino revenue in July 2018. From a year-over-year perspective, Atlantic City casinos saw a 10 percent revenue increase with the debut of two new casinos, Ocean Resort and Hard Rock Atlantic City . This increase occurred even though the existing casinos in New Jersey fell victim to cannibalization from the two new properties.
Myanmar announced it was considering opening casinos for the first time earlier this year, and the new bill marks the first significant step forward since then. It’s no coincidence that the change in attitude towards gambling comes at a time when Myanmar’s currency is plummeting. The kyat has lost 12 percent of its value against the US dollar since May. Win holds onto the fact out that the budget surplus in the Asian gaming capital of Macau is five times bigger than Mynamar’s current debt, which is a deficit expected to hit USD $3.2 billion this year. Officials are upfront about their reasons for wanting to get in on the gaming windfall, although they may not be entirely realistic in their goals. “The passing of the 2018 Gambling Law will enable a whole new sector to flourish and draw much-needed taxes and foreign currency into the country,” he told the Myanmar Times. The casinos would likely be located on the country’s borders with China and Thailand, two countries, conceptually at least, with plenty of gambling tourists. Myanmar lower tourist count compared to neighboring countries can be at least in part attributed to political unrest and insurgent uprisings, including one specifically targeted at a casino as recently as this past May The development marks another significant step forward for a region which has seen sweeping changes in attitudes towards gaming in recent years. Cambodia has long pushed to be a top casino destination in Southeast Asia, and lawmakers there are soon expected to pass reforms which would create more casinos, while also reducing the amount of tax those facilities have to pay. Vietnam is making major strides as well. Not only has it opened foreigner-only casinos in recent years, but policy changes made late last year now allow locals to play also.