Regulated Internet Gambling in Eastern Europe Coming Soon

Published Monday, July 12, 2010 -

Eastern Europe has been hard hit by the recent financial downturn and governments there are suffering a lack of tax revenues and huge deficits. In order to straighten out the downward curve economists in various Easter European nations are looking at the regulation and licensing of online gambling operators to stimulate growth.
According to a report from publication Mediafax, Romania and Moldova are considering the move to generate much needed tax revenues.
Bogdan Dragoi, secretary of state for the Finance Ministry of Romania, told Mediafax, that online gambling may be a way of generating funds to help bail out Romania's ailing economy. An estimated 500 million Euro is wagered by Romanians on online gambling sites, something the Finance Minister wants to look into.
Last year Romania amended the law regulating traditional gambling and increased gambling taxes, which resulted in a huge increase in revenues for the state.
Dragoi, commented, "After the law was amended, gambling revenues increased considerably," he added, "...we are looking into ways to regulate online gambling, and, if we manage to control money [tax] collection, we will authorise them."
As things are now the law in Romania sits in limbo as it does not prohibit or sanction online gambling, but it does forbid Romanian companies from participation in the industry.
The Moldova government's Ministry of the Economy has begun a project funded by the European Union to amend it's gambling laws. The intent of the newly drafted law is to replace most existing gambling legislation, providing a structure for gambling regulation.
Legislation to address internet and remote gambling, are part of the amendments proposed by legal experts. Moldova has been un able to reach any clear consensus on the changes in their gambling laws even though many residents participate in internet wagering. Speculation is that PartyGaming and PokerStars are in the running for the first online gambling licenses to be issued by Moldova once a regulatory framework is established. 



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