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Legal online gambling in Spain

The United Kingdom was the first to license online casinos. Italy first banned online gambling, then legalized it. And now Spain has decided to follow suit and make online gambling legal and give licenses to online gambling companies.

Under the new law, people from Spain now can legally place bets and wager over the phone and online. It was a smart move, despite the fact that US is trying to make it impossible for online gamblers to place bets on the web, Spain is looking at the money the U.K. made from licensing online gambling venues, knowing that prohibition is not the answer. It makes all the bets over €1 legal to be placed online.

The licenses will be issued for five years, and after that they can be renewed if conditions are met, such as strict control over minors and mentally challenged people.

The potential market value is extremely high, considering that the legal wagering in Italy alone is close to 30 billion Euros. Now Spain is looking forward to a similar cash flow, that otherwise would be barely accounted for. The new law might also shrink the illegal betting market in those countries.

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