SPORTS TAX RELIEF FOR RUSSIAN BOOKMAKERS
Mandatory donation to sports development reduced by two thirds.
Russian online and land bookmakers will be heaving a sigh of relief this week at the news that the Russian governments mandatory 3 percent of revenue per quarter bookmakers donation to sports development has been reduced to 1 percent per quarter.
The more reasonable level set by the Finance Ministry follows widespread protest by bookies that 3 percent per quarter would so erode already slim margins as to force them out of business.
Darina Denisova, director of the Association of Bookmaking Shops trade body, said in a statement:
"I am glad that the Finance Ministry has given ear to the position of the betting community and was able to promptly make adjustments. But I want to add that this is only the beginning of a dialogue between the state and bookmakers.
"Our industry still needs well-defined "rules of the game" in regard to taxes, which should be clear and reasonable for licensed market participants."