Russia Creates New Gambling Zones

Russia Creates New Gambling Zones

Tuesday, 15 July 2014

The gambling economy in Russia got a little strong recently after the country's Deputy Prime Minister, Dmitry Kozak, announced that two new "gambling zones" will be created in Sochi and Crimea.

The two locations earmarked for development will now serve as gambling hubs for two regions inside the Russian Federation and host a series of major casinos.

One interesting clause in the recent legislation is that the sites in Sochi must be "established in Olympic facilities that were bankrolled by private investors."

Many have suggested this clause could have been in place before the 2014 Winter Olympics and that investors were already planning a casino venture before they applied to fund part of the sporting event.

However, regardless of this clause, many now expect the subsequent gambling revenue generated by the new gambling zones to be a major boost for both local economies.

Indeed, early estimates have stated that across both gambling zones the expected annual revenue could top more than $1 billion per year.

Tags: Russia, regulation