Russian esports betting operator waves the white flag
Russia’s imposing new gambling taxes have forced another betting company to leave the market.
Leading esports betting operator VulkanBet, which brags it is “among the top three in Russia”, announced it was leaving the Russian market.
This is believed to be in response to Bill No. 1055657-7 which puts a 1% tax on betting turnover which is then passed on to local sports bodies, who are guaranteed a a minimum amount, even if it supersedes betting sites‘ actual taxable income.
The new bill also effectively cancels Russia’s two rival betting industry groups and proposes a singular national gambling regulator.
VulkanBet has told Russian customers that it was withdrawing indefinitely from the market, but could return if the conditions become palatable in the future.
A VulkanBet spokesperson said the proposed legislation’s details “arouse suspicion and do not give confidence in the future” despite being advocates and planning on giving more money back to community programs.
They join 888.ru (not owned by 888Holdings) in departing the Russian betting market, with a growing belief that only the larger operators can survive under the current taxation regime, which has been compounded by the covid-19 pandemic.
Web monitoring services show that both VulkanBet and 888.ru were among the least trafficked online betting sites in Russia, before their departure from the regulated market.
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