Russia‘s gambling operators are up in arms after the government proposed a dramatic rise in gaming taxes.

On Friday, Russian media quoted Ministry of Finance sources saying the government was mulling a tenfold rise in the current tax on gambling activity, as well as a new 10% tax on online sports betting revenue. The Ministry reportedly expects to finalize the necessary legislation by the end of the year.

At present, Russian bookmakers pay a monthly fee of RUB 7k (US $89) for each retail point of sale they operate. Russia’s legal casino operators pay RUB 7.5k per month for each of their slot machines and RUB 125k for each gaming table.

Not surprisingly, Russian bookmakers and casino operators have greeted the news with alarm, predicting everything from staff layoffs to the complete collapse of the country’s legal gaming industry.