The European Gaming and Betting Association is once again calling for a standardized gambling regulatory structure across the EU. This group believes that changing EU gambling regulations will help both countries and gambling operators. The call for this plan comes as several European countries revamp their gambling markets.
There is a lot happening in the EU’s gambling industry right now. Today, we’re going to take a quick look at what exactly the EGBA wants to see happen. We’ll also look at a few European countries that have started to change their regulations on land-based and online gambling.
Back in May, the EGBA began calling for changes to European gambling regulations. This EU-licensed body states that with new regulations, rates of problem gambling around Europe will go down. The EGBA has also stated that a standardized regulatory framework will help save companies and consumers billions annually.
This EU group claims that 20% of all bets placed in the EU are made online. A lack of common regulations on this industry is hurting companies and players. In a statement made in May, the EGBA claimed that there were “significant disparities in the quality of these national regulations.”
Maarten Haijer, secretary-general of the EGBA, supports the decision for a standardized gambling regulatory framework in the EU.
“In 2019, there’s no reason why online gamblers living in one member country should be less protected than those living in another—but they are,” he said. “That’s why EGBA is calling for common EU rules and better regulatory cooperation to ensure a more consistent and better standard of protection for all of Europe’s online gamblers.”
Unfortunately, this request failed to make much traction with EU lawmakers. This week, the EGBA has once again begun calling for EU gambling regulations to change.
It wasn’t a huge surprise to see EU countries brush the EGBA’s request aside. Many of these countries have set their own unique laws on the gambling industry. Some countries are earning millions of dollars from this industry every single month.
Today, the EGBA revealed a new study conducted by the European Parliament. According to the study, a standardized regulatory framework on the gambling industry would save EU gamblers and gambling businesses more than €6 billion annually.
The study shows that right now, there are 28 different sets of gambling regulations spread across the EU. The EGBA claims that these differing policies “diverge significantly and create unnecessary national barriers” in the market. The group wants a single-set of gambling regulations across the continent to protect consumers and save money.
As of now, only Denmark has implemented an EGBA-approved set of EU gambling regulations. Many other countries now have their own unique set of gambling regulations. Let’s take a quick look at which countries have recently opened their online gambling markets.
Several major European countries are beginning to embrace the online gambling industry. More countries are recognizing the huge potential for revenue earnings from this industry. Sweden, which has been largely against the online gambling industry for years, has recently set its own online gaming regulations.
For decades, Sweden only allowed a state-run company called Svenska Spel to offer gambling services in the country. In January of 2019, this all changed. Lawmakers in this country created a legal framework for foreign gambling companies to begin operating in Sweden after obtaining a license from the government.
Today, many of the biggest betting sites in Europe are now available in Sweden. Unfortunately, many of these companies are now considering leaving the market due to the harsh regulations being set on the online gambling industry.
The UK has recently begun to change its gambling regulations. In April, the UK Gambling Commission announced a “National Strategy” to combat gambling addiction. Lawmakers here started setting new laws on FOBTs and gambling advertisements. Of course, the UK’s departure from the EU is just around the corner.
The EGBA isn’t backing down. The gambling body is pushing hard to create a standardized gambling regulatory framework across Europe. We’ll need to wait and see whether or not this recent push is successful.
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