Not Economic Growth, But Signs of Degradation: Hayk Sargsyan

The gambling sector in Armenia continues to prosper, generating enormous revenues; however, according to economists, this is not economic growth but rather a sign of moral and social degradation in society. This was stated by My Step Alliance MP Hayk Sargsyan.

“The burden will not be placed on the players. The logic of the law is that the taxes and fees of existing companies will increase related to the growth of betting. That is, as the volume of bets increases, so will the fees they pay. No additional tax obligations are imposed on players,” he noted.

Regarding internet gambling, the MP added that they currently lack the necessary tools to more accurately verify the information provided by companies. “The law on internet gambling clearly states that such companies must return at least 90% of their income in the form of winnings. Currently, we are satisfied with the figures presented by the companies; we do not have the necessary tools, which I find unprofessional. We need to reach a point where we can fully see how much betting has taken place. In the near future, we will arrange for future taxation to be based not on the volume of bets but on the incoming amounts of money,” Sargsyan said.