Slovakia Headed Towards Liberalised Online Betting Market

Published Friday, July 27, 2018 - Online-Casinos.com
Slovakia Headed Towards Liberalised Online Betting Market

Emerging jurisdictions for regulated online betting are realizing great potential economically and in many ways social benefits too. The revenue from legalization is often directed towards the needs of communities and citizens that are gamblers can feel secure and access help for issues if they arise.

In the balkans Slovakia's gaming sector has welcomed the submitted draft legislation concerning the current gambling legislation that dates back to 2005. The European Union has received the amended law that would liberalize the betting market by March of 2019. Taking a page from the experience of nearby nations the Slovaks have created a platform of regulations similar to the most successful ones.

Peter Papanek, Head of the Association of Betting Companies of the Slovak Republic, was quoted by web sport news Sport Aktuality as saying, "The state began blocking illegal companies. But that was only the first step. Now comes the second, clear rules for everyone - anyone who wants to offer online casino games will be able to do so if they meet the prescribed conditions,"

The interview continued, "Experience from abroad shows that, if the state wants to intervene against tax evasion and illegal gambling, it must go through the liberalisation of the market and the setting of fair conditions, inter alia, to motivate operators to operate legally.

"Illegal companies thus lose the incentive to circumvent the rules, and the state, in addition to income, also gains the certainty of consumer protection. The countries that have been chosen liberalisation have rapidly reduced the share of the black market."

A new Regulatory Office for Gambling is proposed but for now Slovakia’s Ministry of Finance will have responsibility for gambling which said it wants to “relax restrictions on access to the internet gambling market”. Firms must have a headquarters located  in Slovakia or another EU state to apply for an operators licence.




 

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