On October 16, 2018, the United States lifted a longstanding ban on online gambling, becoming the fourth country in the world to do so. The move was seen as a major victory for the casino industry, which has pushed for years for the legalization of online gambling.
Opponents of online gambling have long argued that it is addictive and can lead to financial ruin. But supporters say that it is a safe and convenient way to gamble, and that it can generate significant tax revenue for governments.
The legalization of online gambling in the United States has been a long time coming. Legislation to legalize it was first proposed in Congress back in 2006, but it was met with strong resistance from conservative lawmakers and religious groups.
It took until 2013 for a bill to be passed legalizing online poker, but it only applied to Nevada, Delaware, and New Jersey. Other states were later allowed to join the consortium, but online casinos remained illegal nationwide.
That all changed in October 2018, when President Donald Trump signed into law the Restoration of America’s Wire Act (RAWA). RAWA overturned the previous bill and legalized online gambling nationwide. It also gave states the right to decide whether or not to allow casinos within their borders.
Casino operators were quick to capitalize on the news, with stocks surging on Wall Street following the announcement. MGM Resorts International saw its stock price jump by 6 percent, while Wynn Resorts saw an increase of 9 percent. Caesars Entertainment also saw its stock price go up by 5 percent.
The casino industry is expected to generate $41 billion in revenue from online gambling by 2023, according to market research firm H2 Gambling Capital. That’s up from $19 billion in 2018.
On July 5, 2018, New Zealand lawmakers passed the Gambling Amendment Bill which effectively legalized online gambling in the country. The new law allows for both domestic and international operators to apply for licenses to offer online casino games, sports betting, and lotteries to Kiwi players.
The passing of the bill was welcomed by the casino industry, which has been pushing for legalization for some time. David Wang of SkyCity Entertainment Group said that the new law will provide a more level playing field for domestic operators and help attract overseas operators to invest in New Zealand.
Online gambling is already popular in New Zealand, with around NZ$200 million (US$145 million) wagered online each year. However, most of this is currently done through unlicensed offshore sites, which means players have no protection if something goes wrong. The new law will establish a licensing regime and set up a complaints process, giving players greater confidence when gambling online.
It is expected that the first licences will be issued in early 2019, with the first casinos going live later that year. In the meantime, the Department of Internal Affairs is working on regulations that will need to be introduced before licences can be issued. These include rules on age verification, safeguarding against money laundering and protecting players from addictive behaviour.
Gibraltar, a self-governing British Overseas Territory, has become one of the world’s leading online gaming regulators. The jurisdiction was among the first in the world to develop a regulatory framework for the remote gambling industry, and it has been widely praised for its approach.
The Gibraltar Betting and Gaming Association (GBGA), which represents Gibraltar-based online gaming companies, has called Gibraltar “the gold standard in online gaming regulation.” The GBGA points to the jurisdiction’s “strong and effective regulatory regime,” which it says is characterized by “a robust licensing process, extensive due diligence standards and an effective complaint and dispute resolution mechanism.”
Gibraltar’s success as a regulator is underscored by the fact that it has been able to attract some of the world’s leading online gaming companies. These include industry leaders such as William Hill, bwin.party, 888 Holdings, and Ladbrokes. In addition, Gibraltar is home to some of the largest online casinos in the world, including Spin Palace Casino, Ruby Fortune Casino, and All Slots Casino.
The benefits of Gibraltar’s regulatory regime have not gone unnoticed by other jurisdictions. In 2012, the Isle of Man signed an agreement with Gibraltar to cooperate on online gaming regulation. And in 2013, both Malta and Denmark began working with Gibraltar to develop their own online gaming regimes.
This week, Denmark’s Minister for Taxation Karsten Lauritzen officially announced the government’s plans to legalize and regulate online poker and casino games in the country. The news was welcomed by the Danish gambling industry, which has been pushing for such a move for years.
The proposal includes a number of measures to protect consumers and ensure the integrity of the gambling market. For example, licensed operators will be required to verify the identity of players before they can start playing, and there will be a cap on how much players can lose in any given day. In addition, there will be limits on the number of licenses that will be issued, in order to prevent any one company from becoming too dominant.
The government is expecting that legalization will generate around DKK 500 million (USD 78 million) in tax revenue annually. This is a significant amount, but it’s still just a fraction of the total gambling revenue generated in Denmark each year. Online gambling currently accounts for around DKK 2.5 billion (USD 396 million) in annual revenue, so there is still plenty of room for growth.
There is no set timeline for when online poker and casino games will become legal in Denmark, but we should see some movement on this front in the coming months. In the meantime, interested players can already start playing at some of the licensed offshore sites that are currently available.
The Swedish Parliament has unanimously approved a bill that would legalize online gaming in the country. The new legislation now heads to the Swedish Riksdag for a final vote, which is expected to take place before the end of the year.
Sweden has been mulling over the legalization of online gaming for some time now, and the move is seen as a way to help protect consumers and generate tax revenue. The new legislation would allow for licensed operators to offer casino games, poker, and other types of gambling to Swedish players.
Online gaming is currently available in Sweden, but it is not regulated. This has resulted in a number of unlicensed operators offering their services to Swedish players. The new legislation would create a legal and regulated environment for online gaming, which would help protect players from shady operators.
In addition, the new legislation would generate significant tax revenue for Sweden. It is estimated that the new regulations could bring in as much as SEK 2 billion (USD 235 million) in taxes each year. This would be a welcome addition to Sweden’s budget, which has been hit hard by recent economic challenges.
It is still unclear whether or not the Swedish Riksdag will approve the new legislation. However, there is strong support for it among lawmakers, and it seems likely that it will be passed in some form. If so, Sweden will become the latest country to legalize online gaming.