The EU Fights for Regulation of Online Gambling
The European Union is fighting for the cause of online gambling. There are still a handful of small countries that are not regulating online gambling. The problem is that this opens the door to fraud and other illegal activities for companies to be bringing to the market. It threatens the safety of players worldwide too. Many players who aren’t as savvy may be wooed by companies offering outstanding deals and specials. Once they are drawn in and deposit their money, any number of them lose money or even worse, their identities. Without regulation, online gambling is a sure fire way of putting people in dangerous situations.
The EU, or European Union, is trying to coerce every member state into adopting the same rules it has come up with in terms of regulation when it comes to gambling. A recent report showed that over the next two years, there should be an overwhelming growth of 42% in the world of online gambling. That adds up to about $30 billion in additional revenue for the world to divvy up. With an already depressed financial state, few countries can pass up the millions of dollars in additional revenue they can bring in by regulating online gambling and land-based gambling properly. Accounting group KPMG advises countries on finances throughout the world and they recently release statements requesting that countries regulate the gambling market. It is their desire to make regulation of gambling—both online and at land-based locations—a priority in the world today.
KPMG realizes the value of increased taxation on gambling and how that is the key to bringing more money into the world economy. Many online casinos have been putting time into avoiding taxation increases. Unfortunately, as rules are shored up this may become increasingly impossible. For example, for a casino company to set up in the UK, it has to have the proper licensing. That license, of course, comes along with a licensing fee that needs to be renewed periodically. This is another way, in addition to taxation, countries benefit from regulation and increased gambling. Hopefully, other countries will take cues from the UK and begin with the same regulation process. It promises to bring in much-needed cash and protect citizens who want to partake in the hobby.
Tags: EU, Europe, regulation, tax, UK
