Norway Passes Law Banning Online Gambling Transactions

The Norwegian government has passed a law banning the processing of online gambling transactions from unlicensed operators in the Nordic country. This is a move that is sure to raise a few questions about the monopoly maintained on online gambling in Norway. The new law requiring payment transactors to verify any online casino payments are processed only for operators licensed in Norway.

Protests came from various sectors claiming that the act does not conform to European Union regulations. The state monopoly Norske Spil will benefit from this new legislation that received Royal assent after the Storting, Norway's parliament, had passed the bill. Norway is not a member state of the European Union, but is, in effect, required to adopt most legislation created by the EU, due to its participation in the European Economic Area as a member of the European Free Trade Association. Pontus Lindwall the chief executive officer of Betsson the Swedish gambling group which operates extensively in Scandinavia, recently downplayed the threat to the industry, suggesting that online players will choose other avenues for their deposits and withdrawals. Other online casino operators in Norway do not consider the law to be a threat. Various institutions in the Norwegian financial services sector have indicated they will remain abreast but will not act on the requirements dictated by the Payment Act, and will continue to do business as usual. Norway is going the same direction as the USA in attempting to prohibit the transactions between customer and casino. June first 2010 is set as the day when the full force of the ban on online gambling comes into play in the USA. Coincidentally the Norwegian law is due to take effect at the same time. The war on online gambling seems to be advancing in areas where there is a protectionist attitude and little regard for what is fair for everyone.