The betting market is active not only in Europe but also in the CIS. Armenia is one of the largest markets in the CIS. Sports betting services are provided by legal bookmakers as well as European ones that operate under an offshore license issued on the Isle of Man, in Curacao, etc. There are both local bookmakers and internationally licensed Russian and European betting companies in the country. Despite the different licenses and origins, players’ requirements for betting companies remain the same: reliability, a broad range of events and prop bets, and user-friendly websites with withdrawal options.
The Legality of the Business
Bookmaking is officially allowed in Armenia. Bookmaker operations are governed by the following regulations: – “On Licenses” – “On Lotteries” The first law was adopted in 2001 and the second one in 2003. The betting market is at a crossroads, since some legislative changes are planned for 2021. For working legally in Armenia, all a bookmaker needs to do is obtain a license and then submit financial statements every year. The license is issued by the Lottery Licensing Commission. Armenia receives profits from the gambling industry, as both the bookmakers and players are taxed. Annual fiscal charges paid by bookmakersamount to 100 million Armenian drams, and they will increase to 1 billion drams under the new legislation. However, the law adopted in 2016 has not yet entered into effect. There is also a real possibility that they will abandon fixed payments and introduce income taxes. Players do not pay taxes on winnings under 10,000 drams, and then a progressive taxation scale is applied: from 15 to 25 percent, depending on their winnings.
Sports betting services are offered both online and at betting shops. However, betting shops may be banned in the near future, so bookmakers are actively turning to online betting. Both local bookmakers and foreign bookmakers registered in Russia or as offshore companies can operate in the country. It is worth noting that only local bookmakers can obtain an official license, which provides clients with additional protection. Betting at foreign bookmakers is not prohibited. Among the companies registered as a legal entity in Armenia, we would like to mention Vivarobet, Toto Gaming, Eurofootball, Fonbet, EfuBet, and Vbet. As for international betting houses, 1xBet, Unibet, Sportingbet, and Leon are very popular. To make sure ia bookmaker is legal, you need to check if they own betting shops. Possession of a brick-and-mortar betting shop indicates the approval of a bookmaker by the state.
Along with the development of local betting companies, the state does not impede growth in the popularity of foreign bookmakers that offer only online betting. Since Russian and offshore companies are not banned in the region, it improves the performance of bookmakers, as there is high competition. Local bookmakers accept bets in the national currency, while foreign ones offer not only the Armenian dram, but also the US dollar, euro, ruble, and other currencies. All popular payment systems and e-wallets are available for depositing and withdrawing funds.
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