Russia cuts sports betting tax rate

Russia’s Ministry of Finance has announced that the tax rate on licensed sports betting operators in the country will be cut to 1%. In March, the Russian government introduced a rate of 5% of sports betting revenue, with operators required to make a minimum quarterly payment of RUB15 million (€218/300/US$234,000). However, after the rate was dropped down to 3% last month to offer operators a tax break, this has now been further lowered to 1%. The move reportedly comes in response to a series of appeals from companies in Russia that already face various other taxes and regulatory fees. Related article: Leon joins Russia’s online gambling market