Finance Ministry offers to increase bookmakers’ contributions for sports that is not introduced yet

The Russia’s Finance Ministry plans to make amendments to the draft law on mandatory contribution of bookmakers towards sports organizations. The amendments will reduce the contribution rate, but increase the payments.

The Ministry has published the amendments to the draft law No. 1113576-6 “On the amendments to separate legislative acts of the Russian Federation (regarding the formation of revenue increasing mechanisms of sports subjects)” at Regulation.gov.ru for public discussion.

According to a new version of the document, betting operators and totes will be obliged to pay 3% of their quarter revenue (i.e. of the total sum of accepted bets) to the state treasury. In the previous version of the document the amount of contribution was 5%, but it was charged from the net revenue (the sum after the deduction of winnings to be paid).

The money collected is to be transferred to the federal budget, rather than to sports events organizers as expected.

The public discussion of the bill on the website will be held up to the 2nd of November.