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Hungry Moving Closer To Poker Regulation
10/3/09 - The respected Wall Street Journal reports that politicial and legislative moves are afoot in Hungary to legalise and tax online and land poker, with plans to initially raise some Euro 1 million in tax revenues from live poker alone.
WSJ quotes the Hungarian daily newspaper Magyar Nemzet, which reported that Laszlo Keller, state secretary of the Finance Ministry revealed that the draft law includes detailed regulations for organising poker games and levies a tax on poker wins.
However, there appear to be differences between interested parties on how to regulate and tax the game both live and online, and these still have to be overcome.
Apparently the government intends to regulate live club poker very strictly, putting a limit on the number of tables at 10 and capping entry fees at low levels. This has raised fears that the new law could chase away international competitions from Hungary, and increase regional competition by pushing players toward online games and illegally organized or home tournaments, says the Hungarian Poker Association, or HPA, and the Hungarian Gambling Association.
HPA President Gergely Tatar suggests that instead of over-regulating and forcing players online, it should aim to make the country an attractive poker destination. He estimates the number of online players in the country at around 120,000-140,000 out of a population of 10 million.
Tatar also sees good business in attracting major international tournaments to Hungarian clubs, and suggests the introduction of set taxation per table, similarly to that in Slovakia.
He held out the carrot of government tax revenues in an interview with the Dow Jones new agency, suggesting that: “This could bring the Hungarian government tax revenues of around Euros 1 million annually, plus all the venues’ corporate and labour taxes.
"Moreover, in a few years’ time, around 1 000 jobs could be created by some 30 to 40 clubs countrywide,” he added.
Hungary’s players include a number of professionals, some with backgrounds in finance, who win figures that wouldn’t shame their North American counterparts, reports the Wll Street Journal. Denes Kalo, the Hungarian number one and a former broker, has career winnings of $2.5 million. The wealthiest Hungarian, real estate tycoon Sandor Demjan is also a poker player, and seems reasonably good at it: he made it through the third day of the World Series of Poker Europe.
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2017 Aussie Millions Event 1 -
The Melbourne-based player bested a field of 1,565 entries - 245 up on last year's equivalent - to end up in the heads up with New Zealnad's Qiang Fu, but not before both he and Qiang had narrowly escaped at the four-handed stage when they were the low stacks.
Swiss Reject idea to Block Gambling Websites -
The Legal Affairs Committee of the Swiss National Council has nixed new regulations which would have blocked access to online gambling sites in Switzerland, according to local media reports Tuesday.
Growth Ahead For Online Gambling -
Transparency Market Research has issued a teaser on its latest international online gambling and betting survey, forecasting that the industry will grow at a Compound Annual Growth Rate (CAGR) of 10.8 percent by 2024.
New Qubit software For SkyBetting -
#qubit Sky Betting & Gaming aims to top its record 50 percent revenue growth last year with new player differentiation software and expertise provided by the Qubit company.
Slotfather II Slot Launching -
#betsoft The first is a sequel to the popular gangster-themed online slot Slotfather, unsurprisingly titled Slotfather II, whilst the other is a new 243 ways-to-win game titled Fa Fa Twins..
Massachusetts Online Lottery Bill -
Flanagan's confidence was clearly boosted by the bill's success in the Senate last year, although it was not developed by the House and ran out of time.
Italy Doing Well With Online Sports betting -
The latest numbers from the Italian regulator show that online sports betting remains king when it comes to internet gambling in the market, generating Euro 391.8 million in turnover in December 2016.
Michigan To Reintroduce Online Gambling Bill -
#Michigan state Sen. Mike Kowell's staff have confirmed that the senator plans to reintroduce his online gambling legalization bill, which failed to make it through the last legislative season.
MGM Buys DC office building For lobbying team -
#MGM Resorts International has bought a new Washington, D.C., office building for its in-house lobbying team, led by former chief counsel to the now retired Nevada Sen. Harry Reid, Ayesha Khanna.
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