Accredited legal entity can organize sports gambling in Azerbaijan
The Azerbaijani Cabinet of Ministers has approved rules for gambling in country with two new measures known as the "Procedure for accreditation of a legal entity to conduct sports gambling" and the "Rules of the organization and holding sports gambling."
According to a decree posted on the website of the Ministry of Tax, sports gambling may be conducted in Azerbaijan only by a legal entity/operator accredited to the Ministry of Youth and Sport of the Azerbaijan Republic. Accreditation is granted for ten-year period.
A legal entity applying for accreditation must meet the following requirements:
- Availability of financial resources and a technical basis on which to organize and conduct gambling;
- Organizing and conducting sports gambling by a legal entity or by its founder over the last three years using a network from a single virtual or 1,000 steady sellers, and providing risk management of the average annual turnover of at least 500,000 manat;
- Creation of a distribution network and information center to manage gambling from a single center;
- Preparation of a trademark, the necessary promotional activities.
People wishing to participate in sports gambling, must meet the following requirements:
- Know the rules of gambling and comply with these rules;
- Make predictions by placing a bet on at least one game;
- Receive winnings if the bet proves correct;
- Accept defeat if the bet is wrong.
According to the rules, the operator must submit reports on its current activities, containing information on games, and the amount allocated for the development of physical culture and sports to the Azerbaijani State Securities Committee at the end of the first quarter of next year.
Rules regulate the conditions of organizing and holding sports gambling in Azerbaijan, and the rights and obligations of the operator and the participants in these games.
Sports gambling is conducted on the basis of forecasting the results of sports competitions or events taking place in the competitions. Participants who made the correct predictions get cash prizes (winnings) on the basis of predetermined factors.