Albania plans to bring back sports betting on January 1, 2023

The Albanian government will attempt to revive the country's sports betting sector by January 1, 2023.

As a youth protection and anti-corruption move, Albanian Prime Minister Edi Rama outlawed sports betting along with casino and online gambling in 2018 alongside casino and online gambling.

This summer, Balkan news sources indicated that Rama was considering lifting the ban on gambling to earn subsidies for Albania's impending fuel and electricity problems this winter.

In the meantime, Albanian sports organisations petitioned the Kuvendi (Parliament) to resume sports betting "under a well-regulated and monitored system."

Supporters of the order argued that a legalised sports betting industry might earn "an estimated €17 million per year" in tax revenue.

Friday, Kryeministria, the office of the Prime Minister, announced Rama's support for reinstating sports betting "under tight regulatory conditions."

According to the Prime Minister's remark, market rules must be "secured by multinational corporations that operate globally and within the European Union."

Rama, in support of the mandate of the decree, declared that the "lion's share" of annual expenditures should be devoted to sponsoring Albanian sports and youth culture projects.

As of now, the Albanian government will work on a regulatory framework for the reintroduction of sports betting on January 1, 2023. This framework will include legislation for bookmaker licence, taxation, technical provisions, and regulatory oversight.

The Albanian government shut down 4,300 bookies in 2018 as a result of the prohibition, turning underground sports betting into a lucrative enterprise for criminal groups.

Albania's Commissioner of State Police, Tonin Vocaj, supported the decision to restart the market and recommended the government to ensure the "formalisation of online sports betting" because this activity is allowed in other nations.

By fLEXI tEAM