Tuesday, 23 October 2012

Easy money

In other news the European Commission communicated today its two-year plan to tackle online gambling (sports betting, poker, casino, lotteries, etc.). Apparently, online gambling is one of the fastest growing services in the EU (annual growth rate of almost 15%, estimated 6.8 million consumers participating). There is a definite lack of specific regulation that would protect consumers from unregulated gambling websites, carrying risks of fraud and money laundering. Since online gambling often takes place cross-border, the national legislators cannot effectively guarantee protection to their citizens and European rules are needed. The European Commission does not intend to introduce a regulation. Instead, specific actions and common principles on protection are to be set, e.g. three recommendations are to be adopted on: common protection of consumers; responsible gambling advertising; prevention and fight against betting-related match-fixing.(Commission sets out an action plan for online gambling)

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