22nd September 2014 by kdollar
Bitcoin gambling sites are prolific in Spain. They have been mostly unregulated, because law enforcement officials and gaming regulators believed the laws only applied to gambling sites using traditional currencies. However, El Ministerio de Hacienda y Administraciones Públicas, the financial regulatory authority recently announced that existing laws apply to bitcoin gambling sites.
The Spanish government has become increasingly wary of bitcoin. In May, officials announced that they would begin tracking bitcoin expenditures to ensure they aren’t used for money laundering or other illicit activities.
El Ministerio de Hacienda maintains that bitcoin isn’t legally money. However, it stated that it is a medium that can be exchanged for money, The new ruling shows that bitcoin and other cryptocurrencies are still subject to many regulations that apply to traditional commerce.
There are a couple of implications of the new ruling. All bitcoin gaming providers will be required to receive licenses to operate in Spain. Many have used bitcoin to avoid the cost of seeking a license, exploit tax loopholes and escape the government’s increasingly strict regulations.
Some gaming providers have took advantage of the ambiguity of bitcoin laws to continue offering their services to regions that banned online gambling. The new ruling also prohibits gaming providers from operating in the United States or other regions that have prohibited all forms of online gambling or risk losing their gaming licenses.
Many other governments are debating the legality of bitcoin and the logistics of regulating it. New York State recently proposed new regulations to oversee cryptocurrency transactions. Other governments feel that it requires more oversight to curtail crime and protect citizens. They may follow the Spanish government’s lead and begin placing new requirements on bitcoin gaming sites.
11th August 2014 by kdollar
The Portuguese Council of Ministers recently stated that it has approved a bill that would legalize online gambling. The announcement comes four days after the Parliament set a date to discuss the new proposal.
The government hasn’t released a draft of the bill to the public. However, Adolfo Mesquita Nunes, Secretary of State for Tourism, has disclosed some of the details. His statements indicate that the new regulations would be less restrictive than many other European countries, but the bill also includes punitive taxes that could discourage smaller online gambling providers from seeking a license. Parliament may need to reconsider them to avoid driving citizens to black market gaming providers.
Mesquita Nunes said that the bill would allow foreign gaming providers to participate in the new market, but they would be carefully screened beforehand. The nation’s gaming regulator would scrutinize both their business model and financial situation before issuing them a license. Mesquita Nunes hasn’t stated whether Portugal would create a blacklist of gaming providers.
Online gambling providers would be subject to the same taxes as land-based casinos. Tax rates for revenue generated from offering games of chance would range from 15-30%. Taxes for sports betting would be 37.5%.
This tax rate would be one of the highest in the European Union. Parliament may need to reduce it to attract new gaming operators. Italy has a tax rate that varies from 3% to 20%, which depends on the games offered. Many online gambling operators have been reluctant to operate in that country, so they may be even more hesitant to offer their services in Portugal.
Despite the high tax rate, many online gambling advocates are very pleased with the new proposals. Portuguese finally seem to have recognized the benefits of liberalizing the online gambling industry. Mesquita Nunes said that the new law could be enacted by the end of the year.
1st August 2014 by kdollar
The Netherlands Justice Ministry is considering deregulating the online gambling industry. The government currently has a monopoly on the industry, but justice officials feel that private providers should be assume control of it. However, their view isn’t shared by other government agencies.
The Council of State, the Dutch government’s top advisory council, feels that the new system may not solve the challenges that the government is facing. They feel that the Dutch government is in the best position to oversee the online gambling market. Representatives from the Council of State claim that the government needs to conduct additional research before making any decisions.
Experts from the Justice Department argue that the state run monopoly has been ineffective. They said that most Dutch citizens are discouraged with the services that the government run Holland Casino provides. They believe that citizens will be more likely to use regulated gaming sites, which would discourage them from spending their money with unlicensed gaming providers. These representatives are confident that about four out of five citizens that are using gray market gaming sites will use regulated sites after the changes are enacted.
The Council of State said that the Justice Ministry’s proposals may not comply with other European gaming laws. They also feel that the proposals may not work so well, because private gaming providers will still need to compete with companies in other jurisdictions. Their letter to the Secretary of State argues that the government should reconsider these proposals before rendering their final decision.
Many experts feel that the advisory board raised some valid criticisms of the proposals. However, they also feel that the country could benefit from the changes. The government has already approved a lower tax rate, which should make illegal gaming sites less appealing.
24th July 2014 by kdollar
The United Kingdom recently passed a new law that would require all companies to receive a license from the UK Gambling Commission. Online gaming providers throughout the world have protested the new requirement. The Gibraltar Betting and Gaming Association (GBGA) has been one of the most vocal critics of it. The GBGA said that it intends to protest the new laws in court.
The organization recently wrote a letter to Sajid Javid, Secretary of State for Culture, stating that the new requirement is a breach of EU free trade laws. He said that the new laws also fail to protect UK citizens from illegitimate grey market gaming providers.
Many online gambling providers may feel overwhelmed with two different regulatory requirements. The Gibraltar government fears that the new law will encourage many online gambling operators to relocate to the United Kingdom. Other European countries may share that sentiment and protest the law, stating that it would give the United Kingdom a competitive advantage in the online gambling industry.
William Hill, Ladbrokers and a couple other members of the GBGA don’t support the legal challenge. However, they have raised similar concerns with the two license requirement.
The GBGA said that some of its members have been operating out of Gibraltar for nearly two decades. It maintains that the Gibraltar gaming regulators have done their job effectively and protected consumers throughout Europe. The group stated that the UK Gaming Commission won’t be able to effectively oversee companies based in other countries, which increases risks to consumers.
The group has also raised concerns with the 15% point of consumption tax. Peter Howitt, head of the GBGA, said that many citizens may choose to use black market gaming providers instead to avoid the tax.
16th July 2014 by kdollar
European lawmakers have raised a number of concerns about the social consequences of online gambling. The European Commission recently stated that countries in the region will need to reform their online gaming laws to protect citizens and minors. EC lawmakers are advocating member states to pass new laws that would restrict advertisements for online gaming providers.
The European Commission isn’t opposed to the concept of online gambling. However, it wants to make sure that the industry is properly regulated. The market has grown significantly in recent years, so there is more pressure to create new policies to oversee it. The biggest concern lawmakers have raised is deterring minors from accessing online gaming sites. They feel that better player verification systems may be necessary.
EC officials are also speaking with leaders of various online gaming providers. They are urging these executives to implement their own safeguards to protect citizens with gaming addictions and minors.
The EC has proposed several new regulations it feels all gaming providers should abide by. It is encouraging member states to prohibit gaming providers from misrepresenting chances of winning or making other unrealistic claims. The EC also feels that member countries should require gaming providers to be more transparent about the social risks of online gambling.
Michel Barnier, a spokesperson for the EC, said that lawmakers want to create more protections for players. Individual countries won’t be required to implement any specific solutions the EC proposes. Barnier said that the EC’s role is to provide the goals that countries should strive to reach, while allowing them the latitude to achieve them.
10th July 2014 by kdollar
The UK government recently revised its licensing requirements for online gaming providers. Under the new regulations, gaming operators will be required to pay a consumption tax on all revenue generated in the United Kingdom. The new tax will apply to all online gaming providers, regardless of where their servers are based. Jenny Williams, the CEO of the UK Gambling Commission, predicts that the new laws will cause about 150 gaming companies to apply for licenses.
The new regulations will also require all companies operating in the United Kingdom to have a gaming license from the UKGC. The regulator reserves the right to deny licenses to any company that violates laws in any other jurisdiction. The UKGC will also analyze the financial stability of all companies seeking online gaming licenses. They may refuse to issue licenses to gaming providers that operate in grey markets, because they are more likely to face insolvency risks.
The new laws will go into effect in two months, but it may need to overcome a legal challenge first. The Gibraltar Betting and Gaming Association (GBGA) recently wrote a warning to the UK government stating that it intends to challenge the new laws. The GBGA claims that the new laws violate EU free trade treaties and would unjustly harm Gibraltar. The lawsuit also claims that the laws would harm UK consumers, because they would encourage players to use unregulated gaming sites.
Williams doesn’t believe that the lawsuit will impact the UKGC’s timeframe. She said that many stakeholders have been preparing for the changes for a long time. The regulator doesn’t want to cause problems for companies that built their plans around its schedule.
9th May 2014 by kdollar
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28th April 2014 by kdollar
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19th April 2014 by kdollar
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9th April 2014 by kdollar
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