As the popularity of online gambling spread across the globe, it was hard for Hungary to block sports betting sites. The authorities forced financial institutions to shut out transactions that could be traced to gambling sites.
But EU's criticism towards these actions brought a new dawn for Hungarian players in 2013. Betting companies from other countries were allowed to tap into the gambling market of Hungary. The Hungarian Parliament agreed to issue ten new gambling licenses in this regard.
Currently, no betting company has applied for a Hungarian betting license since the initial investment is too costly. Nevertheless, those that offer their services to Hungarian punters are licensed by other jurisdictions.
There are no laws that prevent wagering on foreign sites. After Sportingbet penetrated the market, other companies such as Betclic and Bet-at-home followed a year later. Since then, more and more international sportsbooks have found their way to Hungary.
Currently, sports bettors from Hungary do not pay income tax on their winnings, whether playing in local or international bookies. Most of these platforms accept deposits in euros, but a good number take the Hungarian Forint, then make a currency exchange.
Despite the restrictions by Hungarian banks, many Hungarian gamblers use e-wallets, cryptocurrencies, Visa, MasterCard, and other convenient payment options to fund their betting accounts.