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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