Why did Hungary become one of the main gambling nations in Europe?

Why did Hungary become main gambling nations in Europe
Photo by Derek Lynn on Unsplash

Gambling is a global practice across all ages; in some countries, it’s more prevalent than in others. Hungary has come a long way with complicated legal history, and in recent years, the country has become one of the main gambling nations in Europe. 

The gambling market is massive, and Hungary has made progress by regulating laws that work within Budapest successfully. With millions of people joining gambling activities, the practice has created jobs for computer experts, analysts, web designers, and developers. 

Hungary is an excellent tourist attraction, and many entertainment resorts have come up to accommodate visitors who, in return, visit casinos in the country. As a result, the country enjoys millions of tax return revenues which greatly boosts the Hungarian economy. This post will discuss why Hungary became one of the main gambling nations in Europe. 

Gambling history in Hungary

The history of gambling in Hungary is similar to its European neighbors but also differs in a major way. The country’s strong grip on gambling puts it in the lead as a virtual monopoly. Looking at Hungary’s gambling market from the revenue collection angle, it’s a huge plus, with multiple challenges like lack of choice for gamblers.

The gambler had no choice for many years up to the 20th century when the Hungarian government banned gambling-related activities. The practice was illegal until 1991 when the country eased laws under communist rule. From then on, gambling became legal.

The first Gambling Act was enacted in 1991 as an enactment of modern Hungary. Gambling establishments were put under the governance of Hungarian officials, and from then on, laws were relaxed. Companies were allowed to open entertainment establishments that were physical at the beginning, then later, online platforms emerged and were regulated by Szerencsejáték Zrt. 

The body put stringent laws that prevented foreign casino operators from joining the Hungarian market. One of the restrictive rules was that an operator had to have a “bricks and mortar casino” to launch an online casino and operate from Hungary.

Online gambling Today

Although gambling laws are strict in Hungary, players have never been prosecuted because regulating bodies mainly focus on casino operators. Therefore, if you’re betting on websites at online-kaszinó.com, safety is always taken care of. 

EU rules stipulate that countries should restrict foreign operators from accessing a specific market. However, there are no specifications as to when the limitation is permitted but is lawful in cases where control of excessive gambling methods is foreseen.

Although this law prevents bad gambling practices like excessive gambling, exorbitant license charges are not allowed. In past cases, the courts ruled that the requirements to open a physical casino as unfair and discriminating. The court ruled that online operators should be allowed to trade as long as they have valid licenses and adhere to set rules. 

Online gambling in Hungary Today

EU countries enjoy diverse gambling, a market that attempts to modernize online frameworks. The main focus is on the administrative cooperation between gambling regulatory authorities to support consumers and vulnerable minorities like minors.  

Despite the existing stringent gambling law that mainly protects players, millions of people still play in Hungarian casinos physically or online. Since gambling is a form of entertainment, regulators often encounter new challenges they handle by adjusting existing laws to increase security for players. 

Hungary is a hotbed for entertainment, with physical and online casinos offering a variety of games for everyone. If you’re away from the country, you can access different gambling platforms and mingle with locals or tourists. 

Gambling activities in Hungary happen on the internet or physically, and all players are guaranteed protection in each gaming session. Therefore, if you’re in Hungary or admire the vibrant market from afar, here are pointers on what to expect before engaging.

Valid licenses for casinos

Gambling companies established in Hungary are not necessarily found in the country, especially on online platforms. Despite the high licensing fees, foreign casino operators get licenses to operate in the ripe Hungarian market. Therefore, getting a valid license is the first requirement to run a gambling business in Hungary. 

Although the regulating bodies strive to keep the industry sane through proper practice, frauds are common and pose the greatest danger to online gambling sites. An authentic casino displays a valid license for punters to see and also as a way to build confidence in new gamblers. 

Whether online or in a land-based casino, a valid license from one of the regulating bodies like MALTA is an invitation to continue. Falling into the hands of criminals will cost you money through constant losses. Joining an online casino upholds gambling laws in Hungary while you keep yourself safe.

Find legal online casinos

The Hungarian communist government placed restrictions on governing Land-based casinos and the online platform. As a result, casinos are legal in Hungary, and players can enjoy whatever game of choice online or at gambling houses. 

The Hungarian gambling market is diverse, legal, a significant source of employment, and a revenue generator for thousands of Hungarians, visitors, and the government. Tourists are free to gamble in Budapest casinos, some of which only admit foreign revelers. 

The casino is relatively new on the fifth floor of the Hilton Hotel, where they offer; a blackjack room, roulette, and baccarat tables. There is a separate room with a snack bar and 32 slot machines. Therefore, a visiting player can’t complain about game variety, and it’s open daily from 5 P.M. to 2 A.M. You’ll pay an entrance fee of $2.35, which you can offset for chips. 

No taxation on gambling revenue

How about taking home the whole amount you win on a gamble? Although the Hungarian government earns revenue from gambling, only operators pay taxes, and gamblers fully withdraw their earnings.

With many online payment methods, players can easily convert the money to local currency and withdraw at their convenience. Therefore, don’t fret about taxation when playing your favorite game since the government has no business with whatever amount you get.

Variety in-game selection

Online gambling platforms are accessible to players from all over the world. Hungarian online casinos captivate players with hundreds of game varieties from poker, roulette, baccarat, keno, blackjack, massive jackpots, and bonus for winners. 

Therefore, operators have no choice but to avail a wide range of games to attract new players and keep existing ones. All casinos offer irresistible opening discounts, direct payment, and withdrawal methods, meaning players can’t lose their winnings. With such promises and strict regulations from the EU bodies, it’s not strange that millions opt for Hungarian casinos.

Conclusion

The subject of why Hungary became one of the main gambling nations in Europe is influenced by many factors like legalizing the practice. Regulatory bodies play a significant role in ensuring the set rules are maximally, hence the reason for sanity in the industry. 

Before the government legalized gambling, a company like Szerencsejáték Zrt dominated the online market until 2013. The hefty license fees do not deter operators from venturing into the business because they’re assured of reaping big. Most casinos are in Budapest, and the common currencies are American dollars, euros, and Hungarian forints. 

Leave a Comment