Spain has been the home of champions lately, they won the World Cup, Nadal kicked ass in tennis, it was the summer of Spain in sports. Too bad they’re not champions when it comes to online gambling regulation.
It’s been a slow painful process, but it seems Spain is moving towards the full regulation of online gambling in the country. But that process did drag its feet forward with the draft legislation that was passed recently.
Reports indicate that the upcoming Gambling Act will effectively regulate all forms of gambling, especially new-technology forms such as online gambling, interactive television and mobile gambling. Included in the draft legislation are elements that will work to ban under-aged gambling and prevent fraud and money laundering, so clearly we’re still in the basic stages…The legislation also has a new tax for operators and creates a provision for five year licenses.
Spanish government officials said that the new legislation will give a kick start to economic activity, and convert the state lottery and betting agency into a privatized entrepreneurial company, Spain’s lottery market is one of the largest in the world and can already boast impressive per-capita sales
The Minister of Finance has stressed that although gaming regulation is largely a matter for Spain’s autonomous provincial communities, it is ultimately necessary for a federal common regulatory framework which would include a national regulatory body similar to the present National Gaming Commission, but with a large representation for the autonomous communities.
One thing is for sure, Many international companies, such as William Hill or BWin, already have joint venture agreements in place and are poised to take advantage of the market in Spain.