STRICTER CONDITIONS FOR GAMBLING SECTOR FAVORABLE FOR LARGER COMPANIES

Tert.am
17:45 ~U 06.04.10

New strict measures in Armenia’s gambling business will bring about
tangible changes in the sector. The result will be that large companies
will have favorable conditions to grow, while small ones will face
difficulties as the new restrictions will require supplementary
investments, resources and abilities, said RA Deputy Finance Minister
Vardan Aramyan at a press conference today.

"Larger companies in this sector are more disciplined and have control
systems, separate subdivisions to fight against money laundering
and financing of terrorism. Smaller companies are less disciplined,
more negligent, and that is conditioned by [their] abilities," said
Aramyan, recalling that on April 1 the government approved the "RA
Concept on Regulation and Control of the Gambling Business Sector"
which clearly states the list of the measures to be taken to raise
the control and regulation level in the sector.

Aramyan also mentioned that currently there are 11 casinos and 103
gambling halls in Armenia which together pay about 4 billion dram in
taxes per year. At the same time he couldn’t say how many visitors
these casinos and gambling halls have annually as no such data is
presented to the bodies in charge of their control.

Casinos and gambling halls in Armenia will also have to report
on visitor quantity. The concept will design new conditions and
requirements for the co-founders, managers and other key officers in
the companies in this sector.