After a long period of inactivity in this area, the Hungarian Parliament recently adopted the amendment bill to the Hungarian Gambling Act, with the aim of reforming the regulation of remote gambling.
What started with just a few dozen online casino sites with PayPal has become a very popular pastime and, with more than 250 online gambling sites active in Hungary and quite flourishing. In fact, especially for German and Austrian players, the country offers some of the best online casinos in the world. If you are planning to try your luck at an Austrian casino, find out everything you need to know below.
Information about PayPal payment method
PayPal, for many, is the uncrowned number one in online payment methods. The brand recognition of the American payment provider is enormous. PayPal is used worldwide and currently has almost 300 million active users, and the total number of customer accounts is much higher.
Because PayPal now operates in more than 200 markets and supports more than 100 currencies from a wide variety of countries, it is also great for cross-border money payments.
And since time immemorial, the popular PayPal payment method has also been present in online gambling offerings. Because, of course, the operators of countless online casinos have also recognized this trend.
Many of them didn’t want to deprive their customers of the usual comfort and equipped their casinos with the PayPal system. This allowed their casino players, including customers from Hungary, to take advantage of the popular payment method and use PayPal as a payment method.
The benefits of casino payments with PayPal
If you want to fund your online casino account with PayPal or use PayPal to make deposits and withdrawals, you have nothing to fear, as this payment provider is known for its reliability and increased security. The annual global volume of transactions through PayPal’s online payment system currently stands at an astounding 713 billion euros. This makes PayPal one of the most used payment providers worldwide.
Reliability and security of PayPal
PayPal is one of the most reliable and secure payment providers in the world. The company has been in existence since 1998, and to date not a single strange incident is known. Security is PayPal’s top priority, and this can be seen in the following aspects:
- Every PayPal account offers additional security mechanisms, such as two-factor authentication.
- PayPal uses the latest encryption technology: SSL 3.0 and 168-bit encryption (the highest commercially available encryption technology).
- PayPal carefully processes personal data, and it is protected by powerful firewall technology.
- Both PayPal deposits and PayPal withdrawals are not anonymous, but still offer a higher level of privacy protection than bank transfers.
- PayPal offers its customers excellent protection from shoppers and fraud.
- The specifics of PayPal casino deposits
- PayPal transactions are safe, fast and convenient.
- Supports more than 25 currencies.
- Convenient and easy to use.
German and Austrian players are invited
Anyone who deals with gambling or online gambling in Hungary will quickly notice that there are quite a few contradictions here. On the one hand, the state played the great protector because it banned gambling machines altogether on the grounds that the often impoverished citizens should not lose their money even more through PayPal casinos. What sounds reasonable and altruistic at first glance turns out to be less than altruistic on closer inspection, however, because Hungary is simultaneously creating a state gambling monopoly that is even more lucrative: online gambling. And this is being heavily taxed.
First steps in Hungary towards the liberalization of gambling
The new rules consist of two main parts: One deals with issues surrounding the conduct of gambling and the other part deals with the new regulations on remote gambling.
The Hungarian government intends to put much more emphasis on and prosecute the blocking of unlicensed remote gambling operators in Hungary. Therefore, a set of new regulations provides the competent authorities with the possibility to make data containing illegal gambling inaccessible for 90 days via a system of electronic telecommunications. All telecommunication service providers are bound by the decision of the authorities.
Remote gambling games are legal
The new law also expands the scope of games legally available over the Internet, as remote gambling now includes not only online gambling and online card games (as in the previous version of the law), but also sports betting and online casinos. A huge selection you can find on Depositpp.com – online casino providers with PayPal are waiting for you.
The alleged operators obviously welcome that favorable change in the law. The biggest question, however, is whether the Hungarian government would allow them to be part of the business.
Remote gambling, as is just the case with PayPal online casinos, is in fact definitely considered a non-liberalized gambling activity under Hungarian law, which means that so far such gambling activities can only be carried out in Hungary either by the state-owned gambling operator (which recently launched its brand new website) or through a concession. Or by the conclusion of a concession contract by a concession company responsible for it with the Hungarian state. In practice, this means that the Hungarian government will discreetly decide how many concessions will be awarded and when. However, no information on this issue is available yet.
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Concession for five years
In terms of details, the concession is valid for a maximum period of five years, with the minimum concession fee set at HUF 100 million (approximately EUR 341,000) per game type. Licensed operators are subject to a high tax, as mentioned above, namely a 20 percent tax on gross gaming revenues (GGR for “gross gambling revenues”) payable every two weeks, as well as quarterly supervision fees calculated at 2.5 percent of GGR, with a minimum of HUF 100,000 (approx. EUR340) and no more than HUF 50 million (approx. EUR170,000).
All in all, Hungary has now taken the first step towards opening its market to online gambling operators with the PayPal payment method. However, we still have to wait and see how the government actually adheres to the new rules and how these new regulations will ultimately work in practice