Funding Game Accounts Possible Only via Bank Cards: New Initiative

Members of the Armenian National Assembly from the Civil Contract Party, Gevorg Papoyan and Tsovinar Vardanyan, have introduced a legislative initiative proposing amendments to the law on "Gambling, Internet Gambling, and Casinos." If this law is enacted, it will prohibit the depositing and withdrawing of cash into accounts held by totalizators, gambling organizers, and similar entities.

In their justification, the deputies note that a significant portion of society, regardless of social status, has begun to use gambling services. They have also presented statistical data: in 2018, players purchased gambling units worth 333 billion drams, while in 2019, this amount increased more than 3.3 times, reaching 1.115 trillion drams. Furthermore, in the first ten months of 2020 alone, this figure had already reached 1.548 trillion drams. According to some estimates, this number exceeded 2 trillion drams in 2021. The number of players has also grown, increasing almost 2.5 times from 18,093 in 2018 to 44,082 in 2020. This means that in 2020, compared to 2018, the amounts generated by organizers increased at least fivefold, constituting approximately 32% of the GDP.

They emphasize that exclusively cashless betting will address a crucial issue by enhancing transparency, allowing the state to monitor players' behavior and the actual turnover in the sector through other means. Thus, the proposed regulation will prohibit the depositing and withdrawing of cash into and from the accounts of totalizators, gambling organizers, and similar entities. After a six-month period, a regulation will go into effect allowing the funding of bookmaker accounts only through bank accounts. Notably, cashless deposits are defined as transfers made to the bank account of the lottery or gambling organizer. It is also indicated that winnings must be transferred to the account from which the funds were deposited for the purpose of playing.

This regulation stems from the government's policies aimed at promoting cashless transactions and combating gambling addiction.