Why is Russia legalizing online casinos?

Hello! This week we look at why Moscow is planning to legalize online gambling. Hint: there’s money to be made — both for the national budget and friends of the Kremlin.

Winner-winner: Finance ministry and Putin’s cronies stand to gain from legalization of online casinos

With Russia facing a widening government deficit, Moscow is becoming increasingly unscrupulous in its efforts to raise cash. Finance Minister Anton Siluanov has written to Vladimir Putin with a proposal to legalize online casinos, banned in Russia since 2006. The state hopes the move will rake in up to 100 billion rubles ($1.3 billion) in extra tax revenues each year. Putin also has a more personal stake at play. One big beneficiary of the move will be Umar Kremlev, a businessman with close ties to the head of the president’s security detail and someone who is already making billions from the gambling industry.