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The XO casino, one of the premier luxury casinos in Belarus, has announced its temporary closure for renovation. However, some of the staff members expressed their suspicion over the credibility of the announcement. Some of them confidently assert that the casino will never open again.

Its website now shows a message about reconstruction, which invites all gamblers to visit the casino branch in Batumi, Georgia.

The employees of the gambling club said that they were informed only on Sunday that starting from Monday they do not work in the casino anymore. There had been no previous announcement about renovation.

XO casino was located at the centre of Minsk, hosting 11 tables to play American Roulette, Black Jack, Poker (6 kinds): 5 Card Poker, 6 Card Poker, Russian Poker, Casino Texas Hold’em Poker, Casino Omaha Poker in the Main Hall and in the VIP hall. The casino was popular among high rollers.

Source: Latest News on European Gaming Media Network

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The government of Belarus has recently proposed a mandatory $1 Million security deposit for online gambling companies. The online gambling operators fear that this will adversely affect their business.

While this is not a new thing – Italy requires a guarantee of € 1.5 million and Czech Republic requires € 1.1 million – this obligation could be problematic in Belarus, feel industry insiders.

Yulia Leshkova, Deputy Director of the Pari-Match betting network, said:  “Not all bookmakers in Belarus can afford to create a similar security deposit. Tightening the requirements will lead to a narrowing of the market and will deprive it of healthy competition.”

The governments insist on a security deposit for the simple reason that the gambling operators must be able to, regardless of financial circumstances, to pay the winnings, taxes, fees and duties, penalties and other mandatory payments. The guarantee is required to ensure such mandatory payments.

However, the hefty sum required as guarantee in Belarus, according to representatives of the industry, will negatively affect the country’s bookmaking market.

Source: Latest News on European Gaming Media Network

The Belarusian Tax and Duties Ministry will legalise online gambling institutions from April 2019.  Vladimir Mukvich, Deputy Tax and Duties Minister of country, told the media about Decree No. 305, which deals with “the legal regulations of gambling business.” However, he does not foresee a huge growth in online casinos in the country in the immediate future.

He said the basic norms of the decree come into force from 1 April 2019. He added: “We cannot say that there will be a large number of them in 2019–2020. We do not see any preconditions for such a trend.“

As a regulator, the Tax and Duties Ministry is interested in preventing online gambling to become a monopoly activity and expects applicants to be able to fulfil the requirements for organising online casinos. For example, betting offices that accept bets online will need a new license (rules do not change for those who work with fixed cash registers).

A transitional period for such offices will be provided through to 1 April 2021. The decree envisages strict requirements for online gamblers taking into account the specific nature of the activity. One such requirement is the development of a so-called pledge fund, which, in the event of financial insolvency, will secure settlements with players and the budget. Such practices are world experience, said Vladimir Mukvich. The size of the fund has not yet been determined, but the decision on it will be made before the decree comes into force.

The protection of the personal data of online casino players is another area of utmost importance. Therefore, the law will envisage the certification of security systems, which can also cost a lot. “This will be done not for minimizing the number of such facilities but providing maximum protection to players,” the deputy minister explained.

Source:  eng.belta.by.

Source: Latest News on European Gaming Media Network