Casino tycoon Andy Vajna hits jackpot after gambling laws lifted in Hungary
Monday 23rd December 2019
As luck would have it for Andy Vajna, the laws in Hungary changed at exactly the right time, just in time for the casino tycoon to win a substantial amount of cash.
In a serendipitous turn of events, parliament introduced a law that regulates online casino gambling and the very next day the law was passed by parliament. This meant that Hungarian citizens would be allowed to create online casino companies as well as play at online casinos which allowed the country access to its sites.
They are now comparable to other countries where online gambling is legal such as the UK, Canada, and Western Europe.
The law, or prohibition of online gambling in Hungary, was altered so as to prevent illegal online gambling. Although many Hungarians gambled illegally, the country could turn this around and make a profit by allowing or lifting the ban. The sponsors of the bill told reporters that the change in the law was to 'combat' illegal online gambling. This is also an attempt to drive out international offshore competitors out of the Hungarian market and encourage online casino entrepreneurs in Hungary to fill the market and maintain the country's influx and outflow of capital.
The news wasn't a surprise for anyone familiar with Andy Vajna's activity within the casino industry.
The Hungarian-American film and casino tycoon has been monopolizing the online gambling market within Hungary and previously it made international headlines that the Hungarian government actively sought out measures to ban unlicensed online casinos, many would say to no avail. For this reason, the laws were altered which made online gambling legal in the country.
Little did anyone know that the newest laws would actually benefit Vajna. You see, the multi-millionaire owns Las Vegas Casino Diamond and the secret behind the lucrative investment is the signed contract deal with Finnplay, a Finnish owner and operator of an online gambling platform.
This was the first-ever authorized gambling site to have been established in Hungary. But business did not stop there for the movie producer Vajna. Vajna's company then pursued and signed with notorious brand Ezugi, one of the leading developers in the online casino industry, in the process Andy Vajna reserved the domain which then led the team of entrepreneurs toward London based online gambling company, iSoftBet, which then also signed with Vajna's company making this the third investment case and landing in a pot of gold.
Vegas.hu got the backing it needed and was said to offer the public a selection of blackjack, roulette, and video slots, making it a very popular Hungarian release as the first online casino.
If the law wasn't to be altered in favour of online casino operators working to bring in money into the country, the country could lose billions each year within the industry.
It was only just a few years ago that Hungary banned slots games which were outside of legal gambling and then only 2 years later was Vajna gifted the right the operate online casinos in Hungary and Budapest, a massive achievement in the industry. Where the money really came in was when Vajna was given the almost exclusive rights to operating within Hungary and the tycoon needn't have paid additional fees because of his deals signed.
Needless to say, there were rumours behind the move and some had even suggested that there might have been an informal decision or request that Vajna invest a sum of his winnings in the government.
The assumptions have been based on where Vajna invested his money and was always linked to the Hungarian government. The suspicion matters not, only that Andy Vajna is making millions through the agreement and the lift of the law worked in his favour.
Andy Vajna was a business entrepreneur with his hand in many pots. His talents weren't limited to movie production but rather to the undeveloped world of online gambling. Unfortunately, the business and casino tycoon passed away in January 2019.