Online gambling news from across the globe is revealed slowly and in small chunks of information. In some instances the news is good and can assist other countries with similar problems that have been faced. On the other hand, the news can also be bad having a negative impact on the industry or other nations. In this case, the most recent news from Europe is from Greece and Italy and is positive.
Preparation for Legalization
As the European Union’s sixth largest online gambling market, Greece has been preparing to legalize online gambling. A few months ago, the Greek government introduced the draft for a bill regulating online gaming. In January 2011, the draft was presented to the parliament with the proposition to issue 15 and 50 year gambling licenses. One specific section of that bill caused major controversy the 6 percent taxation on turnover. This has since changed to 30 percent on profits.
The Tax Structure in Greece
A representative of the Remote Gambling Association (RGA) released a statement saying that the association had reviewed this taxation structure with the Greek Ministry of Finance. The association went as far as commissioning KPMG Athens to report the benefits of taxing gross profit. The spokesman identified that the 30 percent tax on profit is much higher than other jurisdictions and that the RGA would lobby to make this tax rate more competitive.
New Regulations in Italy
click here to see most Popular PagesIn Italy, the government implemented new regulations with regards to online gambling that allows operators to deliver poker games and online casino games. AAMS, the Italian regulator, published the Comunitaria stating the new regulations and how it affects licensure. This will soon be published in the Italian government’s Official Journal thus moving it to a law. Online casinos are planned to be functional later in 2011.
Extensive Regulatory Environment
Italy was the first major country on the continent of Europe to create a regulated environment and license online casino operators. The online gaming industry in Italy today is one of the most profitable and successful of all European countries. Currently, online casino operators pay a 20 percent tax on gross gaming profits.
This is more good news for the online gambling industry. Europe has the best regulated and most successful online gambling structure in the world. If other countries are interested in being successful in this marketplace, they need to follow the workings of the European Union.
