Online Casino Style: News - Greece Disappoints

09/16/2010		Online Casino Style - News: Greece Disappoints - 2
Home History Games News Dictionary		continued from Greece Disappoints - 1 The regulatory program will include the ability to block on an ISP level access to unlicensed and illegal gambling websites, meaning those that are located offshore and don’t have permission from the Greek government. Similar to the UIGEA (Unlawful Internet Gambling Enforcement Act) in the US, the new law also has groundwork for financial institutions to cooperate with authorities in rejecting unauthorized gambling transactions with foreign companies. The power to license, for now, will be held by the Greek Parliament, with the first draft suggesting that the terms for online casinos be set for five years. That number could change, according to the strategic visions of the Parliament members, who no doubt have some scheme to ensure that the existing monopoly in OPAP has the upper hand even after legalization. Even after the decisions are made, online gambling companies are already preparing for the worst restrictions politicians can come up with. Though it’s already September of 2010, the implementation of the new legal framework could be as early as May of 2011, if everything falls into place in a timely manner. Despite the downfalls of the proposal, the legalization of the Greek market is nonetheless exciting news for many internet gambling companies, as the market is estimated to be worth as much as €5 billion in taxable revenues alone. And even more exciting is the news that the Greek islands aren’t the only ones to be opening up their online gambling markets, as the Betting and Gaming Act of the Autonomous Community of the Canary Islands passed this week, marking the start of formal legalization in that region as well, according to the Spanish Official State Gazette. The bill was passed by Parliament unanimously, effectively undoing the previous Act, laid out in 1999. The new, more liberalized law stipulates that bingo rooms be subject to the same public tender processes as are casinos, horse and dog tracks and pelota courts. All licenses issued by the government will need to be renewed on a ten-year basis.

09/16/2010

Online Casino Style - News:
Greece Disappoints - 2

continued from Greece Disappoints - 1

The regulatory program will include the ability to block on an ISP level access to unlicensed and illegal gambling websites, meaning those that are located offshore and don’t have permission from the Greek government. Similar to the UIGEA (Unlawful Internet Gambling Enforcement Act) in the US, the new law also has groundwork for financial institutions to cooperate with authorities in rejecting unauthorized gambling transactions with foreign companies.

The power to license, for now, will be held by the Greek Parliament, with the first draft suggesting that the terms for online casinos be set for five years. That number could change, according to the strategic visions of the Parliament members, who no doubt have some scheme to ensure that the existing monopoly in OPAP has the upper hand even after legalization. Even after the decisions are made, online gambling companies are already preparing for the worst restrictions politicians can come up with.

Though it’s already September of 2010, the implementation of the new legal framework could be as early as May of 2011, if everything falls into place in a timely manner. Despite the downfalls of the proposal, the legalization of the Greek market is nonetheless exciting news for many internet gambling companies, as the market is estimated to be worth as much as €5 billion in taxable revenues alone.

And even more exciting is the news that the Greek islands aren’t the only ones to be opening up their online gambling markets, as the Betting and Gaming Act of the Autonomous Community of the Canary Islands passed this week, marking the start of formal legalization in that region as well, according to the Spanish Official State Gazette. The bill was passed by Parliament unanimously, effectively undoing the previous Act, laid out in 1999. The new, more liberalized law stipulates that bingo rooms be subject to the same public tender processes as are casinos, horse and dog tracks and pelota courts. All licenses issued by the government will need to be renewed on a ten-year basis.