Winter Olympics betting highlights need for online bill

    Published in: Latest IntelligenceThe Winter Olympics in Sochi highlighted the popularity of sports betting in Russia, throwing the spotlight on the need for online gaming regulations to improve consumer services and help reduce fraud. “The problem of gambling games on the internet has not been resolved so far,“ Vadim Dengin, deputy chairman of the Information Policy Committee of the State Duma said. “Lots of online casinos are actually financial pyramids, which disappear after attracting a large number of clients whose money they pocket,” he added. The Sochi Games are expected to have added a further 20 percent, or $200 million, to the turnover in Russia’s sports betting market, according to Oleg Zhuravsky, head of the local bookmakers’ trade association. And that  figure only reflects the business of bookmakers’ offices. Overall monthly turnover in the market is estimated at between $1.5- $2 billion, with local news portal UTRO.ru putting the number of players...

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