Armenia's iGaming market is undergoing a significant transformation, driven by regulatory changes and a vision for a more inclusive and transparent future. The founder of SiGMA Group, Eman Pulis, has brought these changes to light during his recent visit to Armenia, highlighting the country's potential in the evolving gaming industry.
Armenia's Gaming Legislation and Market Dynamics:
The Armenian gaming sector, primarily governed by the 2005 Law on Games of Chance and Casinos, encompasses land-based and online gambling. This framework sets the licensing procedures and regulatory guidelines for operators. Despite modest growth in the online gaming segment, Armenia grapples with challenges, including revenue leakage to foreign operators.
Eman Pulis's Visit and Inclusivity Initiatives:
Eman Pulis's visit to Armenia, including a tour of Betconstruct's live studio, gave him a deeper understanding of the local gaming ecosystem. Impressed by Armenia's efforts to create a level playing field for operators, Pulis praised companies like BetConstruct for their inclusive employment practices, particularly for hiring diverse and marginalized groups. In response, SiGMA Group has launched a survey to explore the inclusivity of employment practices in the gaming sector.
Legislative Changes for Foreign Operators:
To address the issue of revenue flow to foreign entities, Armenia is implementing legislative amendments. These changes aim to align foreign online casinos and bookmakers with local regulatory standards, promoting fair competition and enhancing consumer protection. A notable initiative involves gamblers and bettors opening designated bank accounts for their activities, improving transparency and financial oversight.
Mandates for Financial Transparency:
The Armenian Parliament has endorsed measures mandating the exclusive funding of accounts directly from personal funds. This step towards a cashless system is designed to increase financial security and reduce illicit activities in the gaming sector—these new mandates exempt non-citizens, underlining Armenia's commitment to secure and responsible online gaming practices.
The Future of Armenia's iGaming Sector:
Armenia's iGaming sector is poised for a future emphasizing inclusivity and sustainability. The nation's strides towards a cashless system, exclusive funding mandates, and a commitment to financial transparency reflect a dedication to creating a secure and accountable online gaming environment. These efforts align with global trends favoring digital transactions and responsible gambling.
As Armenia navigates its journey in the iGaming world, the country sets a precedent for a balanced approach that values inclusivity, fairness, and transparency. With the guidance of visionaries like Eman Pulis and initiatives from groups like SiGMA, the Armenian gaming sector is not only adapting to global trends but also setting new standards in responsible and inclusive gaming.