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Bulgarian Gambling Ban?
10/20/09 - Ivan Kostov, leader of the right-wing Democrats for a Strong Bulgaria political party in the eastern European nation, has called for a ban on gambling in Bulgaria, the regional news agency Focus reports.
"Currently taxation on gambling in Bulgaria fails to contribute significant funds to the Budget while the damage gambling causes is huge," claimed Kostov, who is a former prime minister and finance minister.
"People who lobbied to keep gambling free of excise duties lied that this would bring higher revenue to the Budget and that the state would get money in return.
"I support the idea of a complete ban on gambling in Bulgaria, because it doesn't bring revenue, causes damage and probably the only people who benefit from it are the gambling bosses," Kostov said.
Focus reports that on October 15 this year, the government approved a plan to introduce identical tax rates for all games of chance. This means that the state lottery and private fixed-odds sports betting bookmaker Eurofootball will pay 12 percent instead of 10 percent of their betting turnover.
According to Eurofootball, the increase will mean 30 million leva losses for the sector in 2010.
"A large section of gambling operators in Bulgaria are facing bankruptcy, while at the same time Bulgaria could increase revenue collection from online gambling games to 160 million leva annually if it introduces a swift and efficient regulatory framework," Eurofootball said in a statement on October 18 2009.
Russia and the Ukraine have both recently imposed draconian gambling bans, causing huge financial disruption and losses among gambling companies.
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Gambling News :
Phil Ivey Loses Borgata Casino -
Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.
NYX Gaming in deal with Endemol -
"Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”
NEW CAMBODIAN GAMBLING LAWS -
After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.
Playtech Acquires ECM Systems -
Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.
Marks and Spencer store Manager steals to Gamblie Online -
The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.
Chinese Gambling crackdown could damage high roller revenue -
Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.
EvenBet Open Face Chinese Poker -
Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.
2016 EPT Malta -
The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.
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