Online Casino Style: News - Spain Considers Legalization

10/01/2010		Online Casino Style - News: Spain Considers Legalization
Home History Games News Dictionary		The legalization of the online gambling industry is once again in the news this week with advancements being made by the Spanish government on their quest to effectively regulate the industry. The Council of Ministers made a major step towards having online casinos in their sights this week by approving a draft of the new Gambling Act. According to a report by the Spanish Gaming News, the new Act will surpass its predecessor by covering the laws applicable to all forms of gambling including online casinos and their land-based counterparts. There is being paid special attention to the more modern forms of betting, such as interactive styles over television and cell phone, linked to the internet gambling sector. The proposal is designed to first and foremost protect bettors from illegal operations, as well as prevent access to online casinos from underage gamblers and limit use by those with problem gambling issues. Money laundering and similar crimes are, of course, taken into strong consideration in the new law, which also outlines the taxation elements and provides for licenses to be issued in five year increments. The motivation behind legalizing the online gambling market in Spain is no different than the reasons to do so elsewhere: it provides a source of income now lacking, and opens up avenues of new taxes without further burdening constituents. The draft also outlines a shift in power for the existing LAE entity in Spain, the state lottery and betting agency, which will be privatized to more effectively compete with the inevitable influx of offshore competition. “This is the beginning of a project that will be followed by a time of discussion [... with] state governments, as well as with interested parties and trade associations. she said in announcing the legislation,” said the second Vice President and Minister of Economy and Finance of the nation, Elena Salgado. The announcement was made at a press conference, where estimates on the profits to be made by the measure were entertained at around €200 million a year.

10/01/2010

Online Casino Style - News:
Spain Considers Legalization

The legalization of the online gambling industry is once again in the news this week with advancements being made by the Spanish government on their quest to effectively regulate the industry. The Council of Ministers made a major step towards having online casinos in their sights this week by approving a draft of the new Gambling Act. According to a report by the Spanish Gaming News, the new Act will surpass its predecessor by covering the laws applicable to all forms of gambling including online casinos and their land-based counterparts.

There is being paid special attention to the more modern forms of betting, such as interactive styles over television and cell phone, linked to the internet gambling sector. The proposal is designed to first and foremost protect bettors from illegal operations, as well as prevent access to online casinos from underage gamblers and limit use by those with problem gambling issues. Money laundering and similar crimes are, of course, taken into strong consideration in the new law, which also outlines the taxation elements and provides for licenses to be issued in five year increments.

The motivation behind legalizing the online gambling market in Spain is no different than the reasons to do so elsewhere: it provides a source of income now lacking, and opens up avenues of new taxes without further burdening constituents. The draft also outlines a shift in power for the existing LAE entity in Spain, the state lottery and betting agency, which will be privatized to more effectively compete with the inevitable influx of offshore competition.

“This is the beginning of a project that will be followed by a time of discussion [... with] state governments, as well as with interested parties and trade associations. she said in announcing the legislation,” said the second Vice President and Minister of Economy and Finance of the nation, Elena Salgado. The announcement was made at a press conference, where estimates on the profits to be made by the measure were entertained at around €200 million a year.