Ahead of SiGMA East Europe, a look at online betting in Hungary

Shirley Pulis Xerxen April 1, 2024

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Ahead of SiGMA East Europe, a look at online betting in Hungary

The first SiGMA event in Europe for 2024 will be happening in September in Hungary, following 2 upcoming events, SiGMA Americas in Brazil in April and SiGMA Asia in The Philippines in June. Ahead of SiGMA’s descent in Hungary, we take a closer look at the complex landscape of online betting in the country.

Stricter regulations to safeguard online gamblers

In an effort to tackle illicit online gambling activities, Hungary’s gambling regulator, the Supervisory Authority for Regulated Activities (SZTFH), published (in July of last year) enhanced measures to inhibit unauthorised foreign gambling platforms. Effectively, the amendments grant the SZTFH additional powers to block payments and enforce stringent rules.

Since then, payment service providers (PSPs) are forbidden from processing transactions to and from unlicensed offshore gambling sites. The SZTFH has mandated that PSPs must block transactions involving bank cards linked to online gambling operations lacking valid licensing. Hungarian PSPs are restricted to offering services solely to operators listed in the SZTFH’s official registry. Moreover, they are required to decline payments with gambling merchant codes and close accounts supporting such transactions unless compliance with gambling laws can be confirmed.

Regulatory hurdles persist

Despite amendments to online betting regulations in Hungary following pressure from European courts, industry experts suggest that the market remains largely closed off to international operators. The transition to new licensing rules in early 2023 aimed to open doors for operators outside Hungary, yet nothing much has happened since then.

Legal challenges and market dynamics

Ongoing regulations governing online casino licenses heavily favour local operators, posing barriers that may contravene EU laws. The intricacies of obtaining both online betting and casino licenses simultaneously pose a significant challenge for foreign operators, raising concerns about compliance and potential legal ramifications.

Discover SiGMA East Europe Summit

Prepare to immerse yourself in a unique event experience as SiGMA East Europe collaborates with Affiliate World for the first time in Budapest, hosting both events concurrently from September 2nd to 4th in the same venue. This partnership promises an unparalleled networking environment, offering operators the chance to engage with a diverse array of leading affiliates. With an estimated 5,000 new affiliates expected to participate, this collaboration is set to elevate business satisfaction for operators and suppliers alike.

Explore a rich tapestry of insights from a global line-up of speakers who will share their expertise on various topics, including the Balkans and Slavic markets. If you’re keen on contributing your knowledge to the discourse, don’t hesitate to connect with the event organisers.

Be part of the excitement as six startups pitch their groundbreaking ideas to a panel of experts in a live Pitch competition, providing a platform to identify potential unicorns early in their journey.

Celebrate industry luminaries at the SiGMA East Europe awards and charity auction, while supporting the SiGMA Foundation’s endeavours to make a positive impact through its different projects globally.

Finally, cap off your experience by prioritising relationship-building through evening networking dinners and a vibrant closing party. These social events create the perfect setting for attendees to establish lasting business connections and friendships, fostering a warm and collaborative atmosphere throughout the summit.