Gambling laws have continued to evolve, revolutionizing an industry that is fast attracting the attention of investors. Within the last twelve months, online casinos have especially boomed, surpassing annual revenue projections by double digits. However, eGaming is still illegal in some parts of the world. For example, in the US, only about six states have embraced online casinos. And as legal amendments take shape, forecasts for the sector project good tidings in 2023.
For an investor or a gambler, choosing an internet casino boils down to reviewing gambling laws worldwide. Note that while online casinos enjoy unregulated access to some countries, legal procedures are necessary. This new Tusk casino review by CasinoHEX explores one of the best online casinos in South Africa. For an investor, you should always get acquainted with gambling laws that govern eGaming in jurisdictions where you want to set up a business.
Countries Where Internet Casinos Operate Legally
Countries or jurisdictions where online casinos operate legally are many. However, not every location is favorable or business-friendly. Some gambling laws are so strict that you will give up midway before creating a gaming account or setting up a business in some locations. Still, such information as gambling laws is necessary to help you make the right decisions from the onset. Straightway, here are some countries where you can set up an online casino business within the confines of the law.
The United Kingdom
The United Kingdom, or in some instances, Great Britain, is one location where gamblers and casino investors have all the freedom they need. The UK Gambling Commission, a body mandated with implementing eGaming laws in the country, has been instrumental in opening up the sector. While the country has one of the widest gambling markets, it is not without legal boundaries.
The UK Gambling Commission is committed to ensuring a safe gaming environment for both investors and players. The body regulates operations of online casinos to ensure their compliance with the 2005 Gambling Act. The commission’s survey revealed that the industry employs more than 100,000 Britons and generates more than £3 billion in taxes. Over the years, amendments to the UK Gambling Act of 2005 have opened up the industry and even lowered the minimum stake for punters.
France is a popular eGaming destination. The country is especially popular for the invention of some casino games. For example, Fans of French Roulette, a popular table game in internet casinos, reckon that the country is deeply rooted in regulated gambling. In France, two licensing authorities regulate the eGaming sector, namely Française des Jeux (FDJ) and Pari Mutuel Urbain (PUM).
The two licensing gambling authorities in France are all supervised by the national government. However, when the country legalized online gambling, a new regulatory authority known as the French Autorité Nationale de Jeux-ARJEL (the National Gaming Authority) was formed to oversee the fast-expanding eGaming sector. ARJEL regulates the online gambling space in France through the issuance of operation licenses. The enactment of the French Gambling Act of 2010 was a turning point in the country’s journey towards a transparent and fair gambling market.
Germany has a vibrant eGaming sector. As one of the biggest countries in Europe, Germany’s online casinos provide punters with a fair gambling approach. The sector is notwithstanding competitive and strictly regulated by a licensing authority. While the establishment of online casinos has faced legal hurdles in the last few years, online casinos established in other countries have access to the German market. It means Germans can join internet casinos even if they do not operate under the established laws of the country.
At the start of 2023, heads of states in Germany met to approve eGaming regulations that will legalize online casinos in the country. The law will become effective on the 1st of July 2023 after ratification by the European Commission. To gambling investors who are waiting to take advantage of the new law, these tips will improve your office workflow.
Gamblers in Spain have enjoyed access to online casinos since 2011. The Spanish Gaming Act of 2011 provides the much-need legal framework for establishing eGaming entities in the country. Even more importantly, the country’s unified approach to issuing gambling licenses to online casinos means it is a favorite jurisdiction for punters.
A notable achievement through the Spanish Gaming Act is the establishment of iGaming licenses. The licensing authority issues licenses to online casino operators every 18 months. However, gaming providers who need a Spanish license must maintain their servers within the country, pay taxes as well as meet other wide-ranging legal requirements.
The Far East is not an easy go for gambling investors. Laws in this part of the world make it difficult to establish a gambling business. However, Japan has recently been breaking boundaries as the go-to gaming destination for Asian punters and investors.
While most gambling laws in Japan are inclined towards land-based casinos, Japanese punters can now access offshore casinos that run gaming sites. Presently, laws that would open up the eGaming space in Japan face opposition from political and social groups. Thus, you could compare the gambling industry in Japan to that of the US. Despite having huge revenue potential, Japanese gamblers may have to wait longer to access homebred internet casinos.
In a nutshell, internet casinos are fast revolutionizing the eGaming sector. While internet sports betting may have had a headstart in most countries, internet casinos are also ripe for exploitation. Despite the world suffering a major economic setback in 2023 after the coronavirus outbreak, online casinos thrived. The sector generated revenue running into billions of dollars, especially in countries such as the UK, Spain, and France, where eGaming laws have been ratified and implemented.
In retrospect, despite their massive economic value, online casinos have struggled to gain a foothold in countries that only allow offshore gaming platforms. In Canada, Norway, Greece, and Sweden, where offshore internet casinos enjoy unrestricted access, the government should ease legal requirements to establish internet casinos. Moreover, here is a post that breaks down money market funds for you.