#Finance Ministry

Yogonet

DraftKings, MGM set sights on Brazil's lucrative online gambling market

As Brazil emerges as one of the world's fastest-growing gaming frontiers, heavyweights in the sports betting industry like DraftKings and MGM Resorts are eyeing entry into the country's newly regulated online gambling market. Since loosening its online gambling laws in 2018, Brazil has swiftly become one of the top 10 betting markets…

Industry ・ 22 days

South China Morning Post

In Malaysia, slot machine players risk losing it all to ‘crack cocaine’ of gambling

Beyond two wary doormen and through a plush reception, the "Gold Valley Club" near a Kuala Lumpur shopping centre is doing brisk business, an adult funland of slot machines, where hostesses offer free drinks to gamblers in Malaysia who, for an entry bet of just 50 ringgit (US$10), can stand to win a jackpot. But the majority lose - for some, all…

Industry ・ 20 January 2024

West Island

China Cuts Tariffs on US Imports, Canadians Turn to Online Casinos

In the intricate spheres of power and finance, an arbitrary development has remarkably captured global attention. A long-standing dispute between China and the United States marked a significant turn of events. The Finance Ministry of China revealed a landmark announcement stating it would cut tariffs on an array of goods imported from the United…

Incidents ・ 03 November 2023

World Casino News

Fun88 Chosen As Best Operator For Online Wagering In India

Following the many shutdowns of well-known operators in India that have taken place recently, Fun88 has quickly came out as the main destination for gaming and online wagering fans in the said country. Additionally, Fun88 offers Indian customers a safe and exciting wagering experience with odds to wager on World Cup, a much-awaited event in the…

Sports ・ 05 October 2023

Wild Casino

$5,000 Welcome Bonus

Deposit bonuses are optional and must be requested by the player when making a deposit. For example, use Promo Code WILD1 to a 100% Casino bonus. Your bonus request will be assessed and, if your account is eligible for the bonus, it will be added to your account immediately.

Pokerfuse

Pro Sports Leagues Back Québec Online Gambling Reform

What we know is that the demand for online gaming has increased significantly over the past years, and thousands of Quebecers opt for private online gaming sites. An industry-led group in Québec that wants to establish a regulated market for iGaming similar to neighboring Ontario's said three professional sports leagues - the NBA, MLS, and, most…

Industry ・ 30 September 2023

CNA

Malaysia turns up the heat on slot machine operators, with senior executives questioned in anti-graft probe

Industry executives estimate close to roughly 300 legal slot machine establishments nationwide with each premise operating at least 15 machines, which are controlled by privately held companies. KUALA LUMPUR: Malaysia's slot machine enterprises, a hugely lucrative and little-supervised segment of the thriving national gaming business, are coming…

Incidents ・ 29 September 2023

Yogonet

Albanian government faces resistance over proposed reintroduction of online gambling

Efforts by the Albanian government to reinstate online gambling have encountered opposition from members within its own ruling Socialist Party and the opposing Democratic Party. Albania imposed a ban on all forms of online and offline gambling in 2019, with only a few exceptions made for land-based casinos. However, in 2022, the government unveiled…

Law ・ 18 September 2023

Mint

Deposit refunds by casinos, online gaming sites taxable

The finance ministry on Wednesday notified the way deposits made to online gaming platforms and casinos will be treated for tax purposes, clarifying that refunds made to the player will not get any relief on tax. The changes are introduced by amending CGST rules 2017, by way of CGST (Third Amendment) Rules, 2023, which are effective from a date to…

Industry ・ 07 September 2023

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Crypto News

UK Strongly “Disagrees” Recommendation to Regulate Crypto as Gambling

The United Kingdom's economic and finance ministry - HM Treasury - has strongly denied proposals by the House of Commons' Treasury Committee to regulate cryptocurrencies like gambling. The UK Treasury Committee had called for unbacked cryptocurrencies to be regulated like gambling in May. A panel of lawmakers noted at the time that speculation in…

Law ・ 21 July 2023

Reuters

Britain rejects call to regulate crypto as gambling

LONDON, July 20 (Reuters) - Treating cryptoassets as a form of gambling would put Britain at odds with global and European Union regulators and fail to mitigate risks from the sector, Britain's Financial Services Minister Andrew Griffith said on Thursday. Parliament's Treasury Select Committee said in a report in May that bitcoin, ether and other…

Crypto ・ 20 July 2023

Brand Equity

tax evasion: GST officers detect tax evasion by offshore entities providing online betting, gambling

Tax officers have detected violation of GST law by offshore entities offering online betting and gambling platforms to Indian residents through mobile apps and are working on ways to tackle such mode of tax evasion, a source said. As per the prescribed procedure, all offshore entities providing services in India are required to register as supplier…

Law ・ 24 April 2023

Euractiv

Albanian draft law on legal online gambling published

Albania made public its draft law on legalising online betting on Wednesday after it had banned all forms of gambling, except in a handful of land-based casinos in 2019. Only gambling online with registered and licensed operators will be permitted, and they will be subject to stringent requirements such as only accepting digital payments,…

Law ・ 07 April 2023

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CBC

Online gambling in Quebec surged during 1st year of pandemic: study

The number of Quebecers gambling online shot up during the first year of the pandemic, according to a new study conducted by researchers at Concordia University and Université Laval. "The first main result is that 15 per cent of the population are gambling online compared to 2018 [where] we were at five per cent," said Sylvia Kairouz, professor in…

Covid ・ 17 March 2023

Republic World

'Online betting & gambling subject to 28% GST, legalisation not on cards': Centre tells RS

The Union Ministry of Finance stated on December 20 that there is no intention to legalise online gambling and that it is subject to 28% Goods and Services Tax (GST). "Actionable claims in the form of betting and gambling including those arising from online gaming attract 28% GST and the GST Act does not make the levy dependent on whether it is a…

Incidents ・ 21 December 2022

Brand Equity

TCS faces hiring bias lawsuit in US; BJP MLA asks Centre to ban online gambling ads

In 2018, a California district court ruled in favour of TCS in a lawsuit filed by three former employees who accused the IT services provider of discrimination in hiring. Now, the company faces a similar class-action lawsuit, filed by a disgruntled former employee who alleges that it has repeatedly favoured Indian and South Asian job-seekers in the…

Law ・ 13 December 2022

The Local

EXPLAINED: What are the rules around gambling in Austria?

Gambling in Austria is highly regulated so here's what you need to know about it. Is gambling legal in Austria? The government has a monopoly on games of chance ("Glücksspiel", in German), meaning that only state-run institutions and companies can run them. So, for example, every casino you go to, or lottery you take part in, is state-run - or…

Strategy Guide ・ 18 October 2022

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CNN

Philippines to shut 175 offshore gambling firms, deport 40,000 Chinese workers

The Philippines will stop operations of 175 offshore gambling firms and deport about 40000 Chinese workers, a justice ministry official said on Monday, part of a crackdown on the notoriously opaque online gaming industry. The sector emerged in the Philippines in 2016 and grew exponentially, as operators capitalized on the country's liberal gaming…

Covid ・ 27 September 2022

The Diplomat

Should Cambodia Ban Casinos?

To quickly answer the question posed in my headline: not yet. But the Cambodian government needs to at least put this possibility on the table, to set a fire under the feet of the casino owners. A statement must be made by Phnom Penh that casinos have less than 12 months to turn the current dire situation around. If they fail, then regular gambling…

Covid ・ 30 August 2022

Bangkok Post

Taking the casino punt

Bitter contention over legalising casinos in the kingdom may be closer to a resolution than many people think with the release of a report citing overwhelming public support for the idea. Essential legal groundwork for casinos could be laid before parliament finishes its term early next year. The report, prepared by a committee formed on the order…

Lottery ・ 14 August 2022

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Vietnam: Two New Casinos Proposed for Foreigners

Vietnam's Ministry of Finance is backing proposals by Da Nang City and Khanh Hoa Province to license two new casinos meant exclusively for foreigners. Prospective casinos would be built at Da Nang City's entertainment and resort complex Sun World Ba Na Hills, and Khanh Hoa Province's Hon Tre Island. The two locations have large tourism potential…

Covid ・ 07 July 2022

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The Star

MCMC: 5,954 gambling sites blocked since 2018

PETALING JAYA: Malaysia has blocked a total of 5954 websites related to online gambling from 2018 until May this year, says the Malaysian Communications and Multimedia Commission (MCMC). "The blocking was conducted based on formal requests from the police pursuant to violations of the Common Gaming Houses Act 1953," it said Saturday (June 25). MCMC…

Gambling Sites ・ 25 June 2022

The Star

QuickCheck: Is online gambling currently illegal in Malaysia?

ONLINE gambling is almost commonplace and ads for such activities can be seen in dodgy websites, spam email as well as unsolicited SMS and WhatsApp messages. Is gambling on online casinos and betting sites illegal? Verdict: TRUE Online gambling is illegal under the current Common Gaming Houses Act 1953 (CGHA), the Betting Act 1953 (although the Act…

Religion ・ 23 June 2022

The Star

RM2bil loss from online gambling

PETALING JAYA: Malaysia loses about RM2bil annually in taxes to online gambling, said Deputy Communications and Multimedia Minister Datuk Zahidi Zainul Abidin. Zahidi told The Star the government is looking at amending the Common Gaming Houses Act 1953 to allow online games involving "betting" and "gift offers" to be regulated. He said online games…

Politics ・ 22 June 2022

Bangkok Post

Cyprus takes risky bet on casinos

LIMASSOL (CYPRUS) - Europe's largest gaming resort, the City of Dreams Mediterranean, is emerging from bulldozed vineyards and lemon groves on Cyprus's southern coast. Looking like an Inca temple facing out to sea near Limassol, Hong Kong gambling giant Melco has a grand vision for its first casino in the EU. With 14 floors, three swimming pools,…

Religion ・ 02 June 2022

Business Standard

GoM calls for 28% GST on online gaming, casinos; tax likely on face value

An empowered group of ministers (GoM) - set up to look into taxation of online gaming, casinos and races - has unanimously proposed a flat 28 per cent goods and services tax (GST) on these activities. The panel of ministers, which met on Wednesday, also decided that the tax will be levied on the entire "face value" or "bet amount" and not on the…

Finance ・ 19 May 2022

Northeast Now

Meghalaya: GoM reaches consensus on casinos, online gaming and racecourses

The group of ministers (GoM) has reached a consensus on matters relating to the GST regulations on casinos, racecourses and online gaming in Meghalaya. The GoM was set up by the union finance ministry. This was informed by Meghalaya chief minister Conrad Sangma on Wednesday after meeting the GoM. The GoM met Meghalaya chief minister Conrad Sangma…

Industry ・ 18 May 2022

Financial Express

Gaming vs Gambling, Skill vs Chance: Controversy surrounds the Gaming industry in India

By Gunjan Prabhakaran and Payal Thaker The online gaming industry has witnessed significant growth since its emergence way back in the year 2000, showcasing immense growth potential. Within a couple of decades, it grew to become more than a billion-dollar industry and continues to grow exponentially. The trajectory of the growth has been…

Industry ・ 18 May 2022

The Hindu BusinessLine

GoM on GST for casinos, race course and online gaming reconstituted

New Delhi, February 13|Updated on:Feb 13, 2022 The Finance Ministry has reconstituted the Group of Ministers to look into GST-related matters related to casinos, race course and online gaming. However, there is no change in Terms of Reference (ToR) Now, Meghalaya CM K Sangama will be convenor, replacing Nitin Patel, who was dropped from the…

Industry ・ 13 February 2022

World Casino News

New online casino safety measures floated in Sweden

In an attempt to increase the safety of its domestic online casino market and the government of Sweden has reportedly introduced new legislation that could require iGaming business-to-business software suppliers to be licensed. According to a source, the proposed regulation was introduced yesterday by the Scandinavian nation's Social Security…

Trust and Safety ・ 28 January 2022

Gambling News

Spelinspektionen Ordered Bans for 23 Illegal Gambling Websites

Sweden's national gambling regulator continues to display its determination to protect the legal market from black operations by forcing IP bans on 23 Curacao-based operators. Spelinspektionen informed the institutions it collaborates with that 23 businesses and their websites operating out of Curacao illegally target Swedish residents, looking to…

Gambling Sites ・ 23 November 2021

The Star

Proposal in the works to draft laws to license online gambling, says Multimedia Minister

KUALA LUMPUR: There is a proposal to draft laws to license online gambling as a means to tax such activities in the country, says Datuk Zahidi Zainul Abidin (pic). The Deputy Communications and Multimedia Minister said that present laws were inadequate to deal with online gambling, particularly those conducted by operators abroad. "For example, the…

Trust and Safety ・ 15 November 2021

The Star

Archaic gambling laws being reviewed, says Deputy Home Minister

KUALA LUMPUR: Archaic laws on gambling are being reviewed to tackle rising online gambling activities, says Datuk Seri Ismail Mohamed Said. "We are looking at the laws related to gambling to ensure that they remain relevant with regard to the modus operandi used, especially for online gambling. "In this respect, the Home Ministry is working with…

Law ・ 08 November 2021

Modern Ghana

Casinos spin the wheel again as pandemic-hit Nepal lift Covid-19 barriers

Casinos in Nepal were reopening after months of Covid-led shutdown as the authorities eased health restrictions and waived taxes in a desperate gamble to revive international tourism that props up the domestic economy. Nepal imposed a nationwide lockdown on 24 March 2020, called it off four months later but some health restrictions returned in…

Covid ・ 09 October 2021

SBC News

Swedish Inspectorate sides with Finance Ministry on gambling advertising

The Swedish Gambling Inspectorate, Spelinspektionen, has updated its response to the Swedish government's consultation for amendments to the 2018 Gambling Act as part of the Gambling Market Inquiry. In its response, the Inspectorate has detailed that it is'generally positive' about the Finance Ministry's proposal to introduce a special moderation…

Politics ・ 23 September 2021

Reuters

Macau's digital yuan plans deal fresh blow to casino junkets

Macau's plans to use China's future digital currency will help Beijing curb money laundering in the world's top gambling hub but could deal a fatal blow to casino junket operators. These companies, who help lure high rollers to Macau, have been on the ropes since Beijing identified the cross-border flow of funds for gambling as a national security…

Travel ・ 09 May 2021