Gambling News

Hungary closer to regulation

Hungarian flag

Hungarian flagAnother long-standing European online gambling monopoly looks set to tumble as Hungary looks at regulating Internet based gambling later this year. Under the new law Szerencsejáték Zrt (SZ), which currently controls all online gambling, will cease to exist as the country aims conform to European Union regulations on online gaming.

They were considering regulation in August last year mainly down to the fact that the unregulated market is already worth an estimated 100bn forints per year and they want a piece of the pie.

According to GamingZion, changes to Hungary’s gambling laws will see the state owned monopoly mentioned earlier ended and licensed free competition would be able to take place. The site also mentioned that SZ has put forward a request for tender offers for a complete online gambling platform capable of providing internet based gaming, including online sports books within the country.

It’s understood that bids will only be accepted from companies that have a proven track record capable of delivering a complete solution within one package. The period during which bids will be accepted runs until May 16 of this year with top three to be made public on June 3. The winners will be announced three days later on June 6.

The large size of the Hungarian will be attractive to anyone entering the bidding for the license and those in Hungary will be swilling many a pint of beer when the legislation finally makes it through.