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Hungary generating revenues for Sportingbet

The Channel Islands-based online betting group Sportingbet is reportedly making overtures to the government of Hungary regarding the legalisation of online gambling, according to the business publication Világgazdaság.

The reason lies in the buoyant business conditions being generated by Hungarian online gamblers, who in 2010 delivered a 22% increase in revenues to the online betting group.

Citing statements from company CEO Andrew McIver, the newspaper claimed that Sportingbet wants to open a dialogue with the government to punt the regulation of online sports betting, which is currently prohibited in the country unless it is administered through the state-owned gambling monopoly Szerencsejáték.

McIver was quoted as saying that his company is willing to pay taxes amounting to a maximum of 10-15% of the company's profit, and noted that Sportingbet recently discontinued activities in France due to high taxes.

Szerencsejatek currently holds a HUF 28.8 billion share of Hungary's total annual gambling market, estimated at between HUF 50-60 billion.

Sportingbet may be trying to get in early, amid speculation that a new gambling law with a more liberal approach to internet gambling could be introduced in the Hungarian parliament this year as the country strives to become more compliant with EU principles.

Source: InfoPowa News

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