Russian bookmakers to make 276 million EUR by the end of the the World Cup

Russian bookmakers to make 276 million EUR by the end of the the World CupReading Time: 1 minute

Based on data from Russia’s State Duma Committee for Physical Education, Sport, Tourism and Youth Affairs the turnover of bets during the World Cup will be arounf 300 billion rubles (around 4 billion EUR).

Out of those 4 billion euros, the Russian bookies net profit is gonna hit 270-280 million Euros, and accordingly the amount of taxes to the treasury will increase.

On the eve of the World Cup, many Russian bookmakers have expanded their networks to cope with the growing demand of people wishing to win via football matches forecasts. According to the legislators, the amount of bets could have been even bigger if the Russian gaming business was protected from the pressure of the illegal sector, whose share, according to some experts, exceeds the legal one minimum by half.

Under russian law Russian players have to pay 13 percent tax themselves if the winning is less than 15 thousand rubles. For the bigger winnings the tax is paid by the bookmaker. All licensed bookmakers who have contracts with Russian sports federations are required to pay 5% of their profits or at least 15 million rubles quarterly.

Source: European Gaming Industry News

After starting out as an affiliate in 2009 and developing some recognized review portals, I have moved deeper into journalism and media. My experience has lead me to move into the B2B sector and write about compliance updates and report around the happenings of the online and land based gaming sector.