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Compliance Updates

Georgia Increases Taxes on Gambling Business

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On November 3, the Prime Minister of Georgia, Irakli Garibashvili, announced at the government meeting that the profit tax for the gambling business will be increased from the current 10% to 15%.

There will also be a change regarding the withdrawal of money. In particular, the citizen will pay 5% instead of 2% of the income when withdrawing the won amount.

“We presented a new initiative to the parliamentary majority, according to which we should change the taxation rate of gaming business. Under the new initiative, gaming businesses will be taxed at a rate of 15% of profits, instead of the current 10%. And withdrawals from gaming businesses will be taxed at 5% instead of the current 2%.

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On the one hand, I want to express surprise, and on the other hand, it is very sad that the turnover of the game business is increasing. I’m really not happy because too many citizens are still involved in the gaming business. For information, I would like to tell you that in 2022, the total turnover of gaming business increased from 48 billion GEL to 52 billion GEL, which is a catastrophic indicator. So many people are still involved in the gaming business.

Last year we made important changes when we banned advertising and also restricted the right to play to citizens under 25 years of age. The ban automatically affected 1 million 500 thousand citizens,” Irakli Garibashvili said at the government meeting.

According to the Prime Minister, as a result of the changes, an additional 400 million GEL will be added to the budget.

Bruce Smith Enterprise

Petersburg, Virginia Residents Vote Yes! for Live! Casino Resort

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The citizens of Petersburg have spoken, and the historic casino referendum has passed with overwhelming support of over 80% of Petersburg residents voting in favor of the $1.4 billion Live! Casino Resort project, marking the highest support for a casino referendum in Virginia history. This marks a monumental step forward for the Petersburg community, as the approval paves the way for the development of a world-class casino and entertainment destination that promises to revitalize the local economy, create jobs, and invest in much-needed community services.

Live! Casino Resort, which will be codeveloped by The Cordish Companies and Bruce Smith Enterprise, is projected to bring significant economic benefits to the region. This development will include not only gaming and entertainment options but also restaurants, hotels, and event spaces, making Petersburg a destination for tourism and entertainment in Virginia. Construction will commence after the vote is certified and all required approvals are received, with an anticipated opening date of the initial first phase casino in 2026.

“We are deeply gratified by the community’s affirmation of this project and very hopeful about the meaningful impact it will have on the city’s future. The casino will not only create good-paying jobs for our residents but will also attract visitors statewide and beyond, stimulating local businesses and in turn producing an overall ripple effect of economic growth. Now that the voters have spoken, we look forward to working with the City of Petersburg and the Virginia Lottery to secure all of the necessary permitting, licensing and regulatory approvals for this project to move forward,” said Bruce Smith, Owner of Bruce Smith Enterprise, Pro Football Hall of Fame Member, Developer and Community Leader, and codeveloper of the planned Live! Casino Resort in Petersburg.

The casino project is part of a larger revitalization plan for Petersburg, which has faced economic challenges in recent years. This initiative, alongside other investments in infrastructure and local businesses, will position the city for long-term growth and success.

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“The approval of the destination resort and casino in Petersburg marks a significant milestone for our City. Voter approval follows a three-year journey on this transformative project that will bring positive change to Petersburg for generations. This destination resort, casino, retail, and residential development will be the largest economic and tourism project in Petersburg’s history. City Council and administration look forward to working with The Cordish Companies and Bruce Smith Enterprise to positively impact our community and its prosperity,” said Mayor Sam Parham, City of Petersburg, VA.

Live! Casino Resort will be a catalyst for change and significant urban development, transforming the City through the creation of a thriving entertainment and hospitality destination. The project will set a new standard for gaming, hotels, and entertainment in the Commonwealth, and serve as a new world-class attraction for Petersburg and the greater Central Virginia region. The project site, ideally situated at the intersection of Wagner Road and Interstate I-95, has easy access on and off the East Coast’s major north-south interstate.

“Today is a new day for residents of Petersburg. This community has waited a long time for an economic development project of this size and scale, which will provide a huge boost for the City and the entire region. We cannot wait to start hiring local residents and partnering with local businesses and entrepreneurs. Thank you, Petersburg, for placing your trust and confidence in our team. We look forward to delivering results for you and being a part of this great community for decades to come,” said Zed Smith, Chief Operating Officer of The Cordish Companies.

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Compliance Updates

Comtrade Gaming Receives UKGC Approval to Distribute Gaming Content

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Comtrade Gaming has obtained a supplier license from the UK Gambling Commission (UKGC). Players in the UK can now enjoy a variety of games from Comtrade Gaming’s portfolio, including the latest Witch Crash’d, Pilot Piggy, Sweet Treasures, Wild Minner, Diamond King, Diamonds in the Sky, White Elephant and many more.

“This is a significant achievement for Comtrade Gaming. The UK market is a core part of our growth strategy, and this license allows us to bring our games to more operators and players. We’re excited to work with all operators in the UK market and provide a unique gaming experience for their audiences,” said Steven Valentine, Chief Commercial Officer.

This milestone marks a pivotal step for Comtrade Gaming as it continues to grow within regulated markets and reach new players globally.

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The post Comtrade Gaming Receives UKGC Approval to Distribute Gaming Content appeared first on European Gaming Industry News.

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Compliance Updates

Aviatrix lands in the Netherlands

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Aviatrix, the award-winning crash game, has received its certification in the Netherlands, meaning Dutch players can enjoy the popular title for the first time.

The certification in the Netherlands opens up yet another important regulated market for Aviatrix, which was recently named ‘Game of the Year’ at the EGR Operator Awards 2024.

Gross gaming revenue in the Netherlands hit €1.39 billion in 2023, and is expected to continue to grow over the coming years.

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Dutch operators will now be able to capture this growth via Aviatrix’s innovative title, which is proving hugely popular in regulated markets worldwide.

Anastasia Rimskaya, Chief Account Officer at Aviatrix, said: “The Netherlands has been on our radar for some time, so this is a big day for us here at Aviatrix. We can’t wait to see Dutch players enjoying the title, and we will be working closely with some very special partners in the Netherlands to ensure this game is widely available very soon.”

Part of what makes Aviatrix so successful is the constant updates to the game, which keeps it fresh and exciting for players.

This has included a full redesign with new, 3D assets, as well as a first-of-its-kind free bets function via in-game promo codes.

The post Aviatrix lands in the Netherlands appeared first on European Gaming Industry News.

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