Slovakia Clamps Down On Unlicensed Online Gambling

Published Tuesday, July 18, 2017 - Online-Casinos.com
Slovakia Clamps Down On Unlicensed Online Gambling

The internet has provided gamblers in eastern European nations with the opportunity to punt on at massive number of international casinos and sports betting web locations. The competition is fierce in the industry to attract both operators and consumers of online gambling products to the domains.

The governments of countries such as Slovakia have established a regulatory platform that for the most part has down little to attract operators to their regime because of the high rate of taxation at 27% VAT on gambling revenue. The new Slovakian regulatory scheme invited operators last year to acquire a licence to offer online betting services in the Slovakian jurisdiction. Fines of up to €500,000 were threatened if so called illegal online gambling sites persisted to provide gambling products without a proper license. These fines are easy to impose but hard to collect as other regulated online gambling jurisdictions in the European Union have already found.

The government of Slovakia has published the first blacklist of online gambling sites considered in violation of the new rules.  The country’s finance ministry released the first 10 names on the not welcome list. The domains include international online gambling operators 888 Holdings, Bet-at-Home, Bwin, William Hill, Bet365,and 1xbet. The Curacao-licensed Eatsleepbet.com, the Malta-licensed LVbet.com and Kajot-casino.com are also on the blocking list.

The list of banned operators has not been implemented as yet with the ministry says it is seeking court order to facilitate the blocking process soon. Internet service providers are under the gun to impose the governments order to block and have expressed their dislike for the extra costs and responsibility they have been subjected too. Financial service providers have also been approached by the authorities to stop processing funds that are related to the prohibited web domains.

Warning notices were sent to 17 online gambling operators, 10 are now on the banned list. Two operators withdrew from Slovakia voluntarily, and five others have been given 10 days to leave the jurisdiction or pay the price of admission.

 

 

 

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