European Liberalisation Continues
Published: Tuesday, December 05, 2006 Online-Casinos.com
EUROPEAN LIBERALISATION CONTINUES
Madrid has a regulatory plan for online gambling
The decision by the regional government of Madrid to allow minimum Euro 1 bets in games venues as well as telephone and online bets, covering sports and other competitions, as well as allowing internet bets on bingo and casino games is another step toward an increasingly practical approach to regulated gambling in Europe.
The licenses issued by the Spanish capital will last for five years, renewable if the Madrid regulator's conditions are met. Licensing will also include strict regulations to prevent the participation of problem gamblers, the underaged and mentally ill people.
Madrid's decision sets a national example and comes in the wake of Italy's decision to regulate gaming, which prompted a flood of applications from UK bookmakers and online companies such as Ladbrokes, William Hill and Gala Coral, who are also expected to bid for licenses in Madrid along with Sportingbet and Party Gaming in the online sector.
Moves to regulate instead of restrict the betting market by Italy and Madrid are in sharp contrast to the attempts by other European nations to limit betting by banning online gaming and legalising onshore betting only for state monopolies.
The new regulated market in Italy has opened up 17 000 licenses to the private sector. The country's online betting market is currently estimated at Euro 3.7 billion (GBP 2.5 billion). All legal gaming, including the Italian lottery, pools, betting, bingo and machine gaming, is worth Euro 28 billion.
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