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EU Duo Announces Plans for Online Gambling Regulation

Posted on February 14th, 2011

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Two prominent countries of the European Union have released plans to adopt established online gambling regulations. Denmark and Greece are taking a giant leap of progress in the online gambling industry, while other countries remain in a deadlock squabbling over moral issues attached to the matter. The United States, with its obscure Unlawful Internet Gambling Enforcement Act, is a classic example of a territory that fails to take advantage of the huge resources generated by the online gambling industry simply because of a strong opposing faction. The two EU member states have recognized the fact that online gambling is the future, and that every year that passes that the industry goes unregulated, the countries lose millions of supposed tax revenues. Two European countries that have already regulated the industry have shown considerable gains in revenues. Italy and France have taken the lead among other countries in Europe in terms of online gambling legislation and it has beefed up their economic status significantly. Government officials of the Greek Parliament confirmed that legislation will be passed soon to legalize online gambling and 50 licenses will be awarded to prospective operators before this year ends.

Ever since the European Union had an economic backlash, budget deficits have been inflicting corroding damage to the Greek economy since 2010. Thus Greece needs a plan to resolve the matter quickly, in order to stop further damages. If the legislation to regulate online gambling will be passed, the country will be receiving €700,000 as licensing fee from each online gambling operator that wishes to establish operations within their territory. Figures are estimated to reach €35 Million, which should be at least enough to cover for the country’s debts. For Greece, time is of the essence since every month that the bill is not passed, the country misses out on taxable revenue and licensing fees that would have been put to good use. The European Commission gave reassurance to the participating bodies that they are doing their best to resolve the matter as soon as they could. Meanwhile, offline gambling operators insist that they get lower tax rates than those operating online casinos since they would not be able to compete effectively with the latter, being more readily available to patrons.

Denmark on the other hand has no problems on their side with regards to the newly proposed online gambling law. They are even optimistic that they will start to see results within this year. Market shares are expected to increase while Denmark’s economic status is further improved. Experts believe that at least a 9%-15% increase is expected due to online gambling operations alone. There were also no political struggle regarding the issue of online gambling; if there were any, it was hardly ever noticed. The European Commission said that it is doing what it does best and that’s not to control the economy of member countries, but to promote it. They view themselves as a facilitating body, rather than a legislative one, even though they have jurisdiction over any matter that encompasses the EU’s economic infrastructure. Since the European Union was first formed, Europe’s economy drove itself to the top, beating even the US dollar in exchange rates.

The leaps of progress by member states of the European Union in terms of regulating the online gambling industry as seen as the beginning of a new trend. This suggests that industries are migrating to the online platform. While most countries are bent on outright banning online gambling, these countries of the European Union have accepted the industry and regulated it, making billions in the process. Some states in the US have also considered several similar proposals. However, the proposals were put on hold. The online gambling measure in the US is met with a very strong opposition. Debates and demonstrations plagued state congress halls with neither side reaching any common ground. The stalemate has caused several delays in the progress of the online gambling measure in the country. Analysts predict that it would take several years before online casino gambling will be fully regulated in the country. Before then, it is a long and arduous journey for any group taking charge of the online gambling measure.