Hungary has amended its gaming regulations, ushering in a new era for gambling enthusiasts!
In its latest move to safeguard consumers and improve the gambling industry, Hungary is introducing a range of amendments that will end a longstanding sports-betting monopoly. The Supervisory Authority for Regulatory Affairs (SZTFH) have brought forth so-called “technical measures and reforms” in hopes of replacing Szerencsejáték Zrt’s state control with an open licensing process – paving the way for fair competition within this lucrative sector.
In 2017, the European Union’s Court of Justice declared Hungary’s original gambling act as illegal. As a result, new legislation was introduced in February 2022 to bring Hungarian regulations into alignment with those of its European neighbours and ensure fairness for all involved. These recent amendments are simply one more piece to this ongoing puzzle that began three years ago!
Recently, the SZTFH unveiled stricter guidelines for attaining an online gaming licence. To be authorised, operators must have been active in Europe’s Economic Area for a minimum of 5 years and cannot apply if their business has broadcast unlicensed games within half-a-decade of submitting the application. This amendment took effect on January 1st 2023 as part of wider legislation changes to bolster regulation standards in this sector.
Hungary recently rolled out a new gambling law that requires operators to pay hefty fees, as well as adhere to strict technical rules. Licencing fee stands at HUF600m and supervision cost is 2.5% of the total gaming revenue with an additional 15% in taxes on top of it – bringing them up for a grand sum amounting to 10 million Hungarian Forints! Players are also now allowed flexibility when playing games; they can transfer money across multiple balances or even cash-out before time if certain parameters allow – but still be held accountable by laws governing winnings payment.
Licensed operators must communicate to players the risks of excessive and addictive gambling associated with early cash-out features. To ensure this message is clear, it will be prominently displayed on all promotional materials as well as websites connected with online gambling.