License for games of chance transferred to wealth fund
by Daily Sabah
ISTANBULJan 09, 2017 - 12:00 am GMT+3
by Daily Sabah
Jan 09, 2017 12:00 am
New resources have been added to the Turkish Sovereign Wealth Fund, which is expected to contribute 1.5 percent to economic growth annually, along with the Decree Law issued the previous day.
Proceeds from chance games, especially the National Lottery and horse races, have been included in the fund, which will provide financing for giant projects.
Licenses related to the rights and authorities of holding domestic horse races and accepting bets on horse races held domestically and abroad were all transferred to the Turkish Sovereign Wealth Fund for 49 years starting from Jan. 1, 2018.
The immovable allocated to the Food, Agriculture and Livestock Ministry for the purpose of organizing horse races or actually used for this purpose and the structures and facilities involved have been put into the service of the license holder fund for 49 years.
According to the said decree, the Food, Agriculture and Livestock Ministry will not be able to organize domestic horse races and accept domestic and international bets on horse races organized domestically and abroad during the license period. The Food, Agriculture and Livestock Ministry will be authorized to monitor and supervise the licensing activities.
The license for the lottery, Instant-Win, Numerical Lotto, Chance Ball, Ten Number and Super Lotto games played in exchange for cash and similar lottery games, which can be licensed under the relevant legislation, have also been transferred to the Turkish Sovereign Wealth Fund for the next 49 years.
After the license is transferred to the third party by the fund, the National Lottery Administration (MPI) will not be able to regulate or issue a separate license for these games. The MPI will be authorized to monitor and supervise the licensing activities.
Transactions related to vehicle registration services carried out by the General Directorate of Security can be transferred to notaries. The vehicle registration system database will be kept by the Notaries Union of Turkey and its management and security will be provided by this institution. Furthermore, Information stored in the database will be continuously shared with the General Directorate of Security.