The government of Armenia is moving to introduce new gambling reforms in an effort to reduce illegal online gambling in the country by ordering banks to freeze illegal...
Armenian authorities raid illegal gambling ring in Yerevan
Armenia’s State Revenue Committee and National Security Service have exposed an illegal gambling network operating in Yerevan, with multiple locations believed to have been disguised as offices.
It’s estimated that hundreds of individuals were involved in the illegal scheme, with the network circulating huge sums of money through cryptocurrency. According to authorities, the network has caused around $6.5 million in state losses.
During the raid at different venues, computers, phones, servers, SIM cards, and recording devices were found, and the police believe that the operations were carried out through a layered system with managers, agents, and team leaders all separately responsible for attracting new players and boosting the illegal betting activities.
Further investigations and testimonies have revealed that alongside salaries, the staff received cash bonuses and additional payments, with the total sum of the unreported payments comprising around $2.59 million. Additionally, as the salaries weren’t declared in tax reports, it’s estimated that the payments led to over $566,000 in unpaid income tax.
Besides cryptocurrency transactions, deposited money was allegedly sent through intermediaries before being used to add funds to player accounts and place bets.
Currently, Armenia’s Investigative Committee has opened a criminal case, with the investigation still in process.
Member of Armenia’s National Assembly, Hayk Sargsyan, has proposed to amend the law “On Regulation of Gambling Activities” and introduce a mandatory requirement for online...
