Parliament fast-tracked and approved at the third reading a legislative package concerning the organization of international gambling tournaments in Georgia
Parliament fast-tracked and approved at the third reading a package of legislative amendments that will allow international gambling tournaments to be held in Georgia.
The initiative was introduced by lawmakers from Georgian Dream and passed at the final reading with 73 votes in favor and 5 against. Two plenary sessions were devoted to discussing and approving the bill.
During the two-day deliberations, the draft was revised. Specifically, it was decided that at least 80% of all participants in an international gambling tournament must be foreign nationals, instead of the 70% stipulated in the original version. In addition, a provision was removed from the original draft that would have imposed a GEL 150,000 fine on anyone organizing an international gambling tournament without authorization.
Under the law adopted by Parliament, an international gambling tournament is defined as a gambling tournament organized by a casino, with a prize pool guaranteed in advance by the organizer and in which at least 80% of all participants are foreign nationals.
According to the law, if an organizer uses a club table exclusively to hold an international gambling tournament and the tournament’s prize pool exceeds GEL 3 million, the organizer will be exempt from paying the gambling business fee imposed on club tables.
At the same time, organizers will be entitled to generate revenue from hosting international gambling tournaments. Such tournaments may be organized both at venues operating under a casino license and outside those venues.
Taxable income earned by an individual through participation in an international gambling tournament will be subject to a 20% tax. However, income earned by a foreign national from participating in an international gambling tournament with a prize pool exceeding GEL 3 million will be exempt from taxation.
Under the law adopted by Parliament, the fine for violating the licensing conditions governing the organization of international gambling tournaments is GEL 50,000.
