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History of Gambling in Armenia

The Romans brought with them a love of both of the circus and gambling. Though they were more popular among the lower classes, aristocrats also enjoyed the races. As with most things Roman, these traditions vanished when they fell.

The conquering of what is now Armenia by Byzantine and Arab armies also had an effect on gambling in the region. The Byzantines typically allowed gambling, but only for those who could afford it. Though Islam banned gambling, the Arabs popularized chess as a way of wiling away the hours.

Armenian gambling would not reach its peak until after the Mongols swept through in the 13th century.

In this period of relative anarchy, many small warlords would set themselves up and quickly be swept away. Many would set up makeshift casinos on their land to make money. Most of these warlords were not big on collecting money from their customers, leading to an atmosphere where patrons would often overlook the fact that the warlord was technically stealing from the casinos. These warlords would also employ enforcers to intimidate people who tried to cheat, though it is likely that many of these enforcers were actually on the take themselves.

Though the gambling industry flourished during this period, the lack of security meant that many gamblers soon found themselves in deep debt. This sometimes lead to them becoming indebted to violent criminals rather than the casino, which could be even worse. Eventually, a warlord known as Ashot the Brilliant would unite the region into the Kingdom of Armenia. He outlawed gambling and dismissed the enforcers and managers of the remaining casinos.

Popular Banking Methods

Credit Cards

While credit cards are not common, they can be used in some places. A merchant in a large city or capital is more likely to accept them than a small merchant in a rural village.

The most popular credit cards are from Royal Vekap Bank and The Iron Gate Bank. Each of these banks have only recently opened up their first branch in the country, and as such don't have a very large presence in Armenia. They are, however, beginning to gain momentum.

Wire Transfer

Armenia has three banks that offer wire transfer services: Royal Vekap Bank, The Iron Gate Bank and the National Bank of Armenia.

The first two banks have only relatively recently arrived in the country and have begun making a name for themselves. The National Bank of Armenia has been operating in the country for a long time, and as such has the most market penetration.

The Iron Gate Bank is known to be run by greedy bankers who are only interested in making money. The Royal Vekap Bank is known to be run by honest bankers who are interested in making their customers happy.

Cryptocurrency

While not in common usage, some shops and merchants are starting to accept cryptocurrency like BitCoin. While this is a relatively new concept in the country, the first Bitcoin ATM was recently installed in Yerevan, the largest city in Armenia.

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Online Gambling Laws and Regulations in Armenia

The online gambling industry in Armenia is entirely unregulated. There are no laws that limit or ban it, and there are currently no plans to implement any kind of regulation in the foreseeable future.

As a result, all existing online gambling websites can continue operating at full capacity without any problems. All new online gambling sites are also allowed to open up and offer their services to people living in Armenia.

This does not mean the government is entirely absent from the online gambling scene. There are still certain rules and regulations that operators have to follow in order to do business within the country. All online gambling sites must possess a valid gambling license from an appropriate regulating authority.

As a result, all existing gambling sites have acquired the necessary licenses to operate legally within the country. New gambling sites must also apply for and acquire a license before entering the Armenian market.

Predictions About the Future of Online Gambling in Armenia

The online gambling industry in Armenia is not facing any major hurdles and is expected to grow steadily in the years to come. There are few legal and regulatory concerns, but these are unlikely to affect the online gambling market in a major way.

The online gambling market in Armenia is still in its early stages and has a lot of potential for future growth.As more people get access to the internet and have more reason to trust online gambling websites, the industry will grow.

This is especially true as more and more offline gambling options become available. In a desperate attempt to increase tax revenue, the government has legalized casinos and is actively working on establishing gambling destinations throughout the country.

While this could help the tourism industry in Armenia, it also provides an affordable alternative to online gambling for local residents who would otherwise not have had any legal options before.