During the economic recession, a result of the pandemic and its consequences, an overwhelming majority of business sectors announced heavy financial losses. Among those spheres that could adapt to a new reality is the gambling industry, which is known for its adaptability and business flexibility. In Georgia, the gambling news of 2020’s last months has demonstrated that the industry provides a pivotal role in the Georgian economy.
An overview of Georgia’s gambling market
The gambling industry of Georgia has been financially reliable for many years now, offering more possibilities than you may have previously imagined. Its strengths lay in the fact that the government of Georgia views it as a legitimate and lucrative economic instrument at its disposal. The government also values it as a way to expand the tourism sector of the country by drawing greater attention from international visitors and investment.
The gambling activities in Georgia are regulated by the nation’s Revenue Service. This body’s responsibilities include the issuance of licenses, taxation policy development, creation of a congenial environment for industry growth, and control over following business management rules by industry representatives.
Performing its duties, the Revenue Service is guided by the principles of fairness and transparency, paying close attention to protecting consumer rights, including the elimination of problem gambling among vulnerable segments of the population.
The Revenue Service activities are grounded in such legislative acts as “Organizing lotteries, gambling, and profit-generating games” as well as issuing “licenses and permits” (both of which were introduced in 2005).
In addition to this, there are some other crucial regulations, e.g. the Tax Code of Georgia and a range of orders from the Ministry of Finance.
The above laws and regulations determine all forms of legal gambling within the territory of Georgia. Consequently, operators can be issued licenses to conduct a gaming business in the following areas:
slot machines salons.