The online gambling market in Europe still shaky
As some countries in the E.U.
are moving steadily towards online gambling regulation, others
are trying to save their state monopolies.
After the former chief
executive of 888 Holding was called by the French authorities
the other day, Party gambling announced today that it has closed
their French website. The investors were not notified for this
decision prior, but one shareholder did unload around $100
million worth of their stock. The French government has been
putting pressure on online gambling executives for a while,
which could only be explained with the fact that the gambling
monopolies in French, PMU and Francaise de Jeux, are controlled
by the French government and the online gambling companies are
dipping in their honey bucket. A classic example was the ban the
French government imposed on online gambling advertisement on
football club shirts.
On the same note - one of the
most popular online betting websites, Bwin, closed down their
Turkish website, after the anti online gambling bill passed the
Turkish parliament on the 28th. According to Bwin spokesman, the
closure of the business oriented towards Turkey would cost about
$24 million per year in lost revenues. The new law left a door
open for issuing of licenses in the future, and Bwin decided
that if they continue to operate in Turkey, a future license may
not be granted.