Gambling in Europe

Gambling in Europe

As of 2015 the gambling market in Europe was worth roughly 84.9 billion Euros. Every year Europe’s gambling market grows by roughly 3%. As of 2012, over 12% of the European gambling market was attributed to online casinos. The annual revenue equaled more than 10 billion Euros at the time and by the end of 2015 was expected to be 13 billion.

The supply and demand for online gambling in Europe is large. The framework of Europe’s online gambling industry is diverse. In certain countries throughout Europe a single public or private casino operator run monopolies while others allow multiple operators to be licensed to run online casinos. Those online casino operators that are legally able to offer gaming options for players outside their country with no legal authorization necessary.

In Europe sector specific legislation of gambling services do not exist. Gambling legislation has been reviewed in several European countries. One of the reasons that this was done was to review the new online gambling options available to players in Europe.

Of all the nations in Europe, the U.K. is the easiest for online casino operators. Properly licensed private casino operators can offer U.K. residents any form of gambling they chose to. They were among the first nations in Europe to embrace gambling, with The Gambling Act of 2005. The three main goals of the act were to avoid having gambling become associated with crime, regulating it to ensure everyone has a fair and equal shot at winning, and preventing the exploitation of gambling, especially when it comes to children

According to the U.K. act online casino operators are required to show proof that they are financially stable, in order to be licensed. They also have to prove that they are able to provide their players with casino games that are fair for everyone. Licensed online casino operators in the U.K. have full permission to advertise their casino. However, foreigners and anyone who illegally obtains a casino operator’s license cannot freely advertise. If an online casino jurisdiction can prove that they are legitimate and trustworthy they are put on the Whitelist. The jurisdictions on this list include Gilbraltar, the Isle of Man and Tasmania. Some are opposed to the Whitelist because they feel that the list directly violates the Gambling Act of 2005 since the act forbids foreigners from running online casinos in the U.K.

The Gambling Commission was also created in the U.K. to regulate both online and offline gambling. The one exception to this is that spread betting is regulated by the Financial Conduct Authority. When someone applies to be a casino operator the Gambling Commission will evaluate them to determine whether or not they should be granted a license. Once a casino operator has obtained their license the Gambling Commission continues to watch over them.

The rules set forth for gambling throughout the United Kingdom make it easy for its residents to enjoy their favorite casino games from the comfort of their own homes.

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