Online Gambling Regulations Forcing Withdrawals

Published Monday, January 05, 2015 - Online-Casinos.com
Online Gambling Regulations Forcing Withdrawals

Many jurisdictions the world over have decided they don’t want online gambling to proliferate and have enacted strict laws to curtail the activity. The fast-paced growth of the online gambling industry is nothing less than outstanding. An estimated global online gambling market is pegged at about $30 billion up from $21 billion in 2010. Never the less there are countries that have outlawed internet betting and in some places, gambling all together. Online gambling has been banned for the most part in the USA and recently countries such as Russia and Singapore have cracked down on any form of online gambling operation. In another lucrative market in South America, Brazil remains an opponent of online gambling, although unsuccessfully with most online gambling casinos welcoming players from Brazil.  

The fallout from some of the regulatory changes around the world means that operators are rethinking their involvement in certain markets. UK betting operator Ladbrokes recently confirmed that it will no longer accept bets from Russia, Finland, Portugal and Romania. Ladbrokes said a review of its offerings prompted the withdrawal from these particular markets conducted in2014. Recent changes regarding  European and UK online gambling legislation have set the wheels in motion for firms who want to comply and remain legal in regulated jurisdictions. 2014 saw Ladbrokes remove its services from a number of European domains including Hungary, Norway and Switzerland again in order to comply with the regulations.

Russia issued severe warnings to offshore operators in 2014 that were in violation of its online gambling regulations simply by advertising to Russian punters. Other countries such as Romania, Portugal and Finland as reviewing their regulatory platform and will publish the results of possible changes this year. Ladbrokes also withdrew its offerings in Canada back in September of 2014, while William Hill has withdrawn from 55 jurisdictions thus far.

 

 

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