Legalization of Betting in Mongolia: What Will Change?
New Gambling Rules in Mongolia
The Mongolian government has passed a law that only permits sports betting, while all other forms of gambling remain prohibited. The main goal of these changes is to protect citizens from fraud and prevent the outflow of the national currency abroad.
Licensing of Bookmakers
The introduction of the new law is accompanied by the creation of a licensing system for bookmakers. This will allow for better market control and reduce the risks associated with illegal platforms.
Punishment for Illegal Gambling
The authorities have proposed amendments to the current legislation, according to which:
- Participation in illegal gambling is punishable by a fine of up to 100,000 MNT ($28.83).
- Sanctions will be introduced for those who provide personal accounts, payment systems, and telecommunication networks for conducting illegal gambling activities.
Fighting Economic Crimes
According to the National Statistics Committee, 200 economic crimes were recorded in 2023, causing damage amounting to 417.2 billion MNT ($144 million). The main participants in these illegal schemes were young people aged 18-39. Over the past few years, 1.7 trillion MNT ($541.8 million) was transferred abroad through illegal platforms.
Website Blocking and Stricter Control
Although the Communications Regulation Commission has already restricted access to 6,000 websites involved in online gambling, the owners of these sites continue to change domain addresses. As a result, the following is planned:
- Strengthening the fight against illegal online platforms;
- Increasing fines for violators;
- Prohibiting the advertisement of gambling and paid puzzles.
Conclusion
The legalization of betting in Mongolia will allow for better control of the betting market, protect citizens from fraud, and reduce capital outflows abroad. However, the authorities also intend to actively fight illegal platforms and improve legislation to prevent financial fraud.