Tuesday, May 1,2012 : BULGARIAN ONLINE LAW ON TIMETABLE
BGA upbeat on online gambling prospects despite heavy tax duties
Rossi McKee, the founder and honorary member of the Management Board of the Bulgarian Gaming Association gave his views on Bulgaria's new gambling law in an interesting interview with YogoNet this week.
The law, promulgated in its publishing in the Government Gazette at the end of March 2012, makes provision for the regulation of online gambling for the first time in Bulgaria, effective as of July 1, 2012.
Key Points, according to McKee:
– Any online operator will be able to obtain licencing to operate legally in the country; however, stricter requirements are in place for gaming operators and manufacturers that include capital and investment provisos.
– A ban on direct advertising of gambling to protect minors from exposure to the pastime.
– Clear definitions introduced in the new law on all forms of gaming.
– Expect certain tax amendments that will define online gambling taxation and hopes the currently heavy Government tax levy will strike a balance between a robust business environment and acceptable tax revenues.
The Bulgarian Gaming Association expects online gambling to attract a new, younger customer base and is of the opinion that the country offers enough room and opportunity for both land based and online operators.