Seize the Day for Online Gambling, EU RecommendsPublished October 5, 2015 by Lee R
The EU is urging all countries to accept online regulation to increase revenues.
The results are in; online gambling is growing in the EU.
A new EU report shows robust figures for online gambling, online gambling expansion, and the future of iGaming in the slowly but surely regulating European market, where players have already shown a fondness for online casinos such as EUCasino, Casino Cruise and Mr. Green.
The European Commission estimates the EU gambling market at approximately 84.9 billion euro with growth of 3% year on year. These figures have been accumulated from roughly 6.8 million EU consumers who play online. Comparison figures date to 2012, when online gambling comprised slightly over 12% of the EU’s gambling market with annual revenues of 10 billion euro plus. That figure is expected to increase 3 billion to 13 billion euro, for a steady billion per year growth rate.
While it is up to each country to choose and approve their own system of regulation, it is safe to say that EU policy overall stands firmly in support of the opportunity for increased revenues from online gambling.
In 2012, the European Commission adopted an action plan to adapt gambling through the Communication “Towards a Comprehensive European Framework on Online Gambling.”
The plan addressed specific issues of compliance that include national regulatory frameworks within EU law; enhanced administrative cooperation and efficient enforcement; the protection of consumers, minors and vulnerable groups; fraud and money-laundering prevention; and safeguarding the integrity of sports and preventing match-fixing.
The Unification Challenge
The adoptive definitions are extremely important, because they unify a highly diverse group of national landscapes, cultures and legal systems. Some countries have monopolistic regimes with one government company dominating the market. Others have already established free market systems that entertain a wealth of licensed provider competitors. In a sometimes painstaking process, others have yet to decide, while still others oppose regulation entirely.
Sign of the Times
One thing is clear: the demand is there, and increasing. The faster EU countries accept regulation, the more revenues will be attracted, and the more the EU member states can prevent fraud and illegal site play. The EU appears pragmatic the report shows a real need for all member states to control the online gambling which is taking place on a wide scale and growing all the time.