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Gambling Association Backs European Court

Europe’s biggest and most influential gambling body, the European Gaming and Betting Association, announced that it supports The European Court’s ruling against Italy’s horse racing license. Italy is currently allowing domestic gambling groups alone to offer horse racing bets in the country, and gambling groups from neighboring European Union countries are forbidden from entering the gambling market in Italy. The European Court ruled that Italy’s stand towards horse racing is contravening articles of the European Law.

Under the ruling, Italian authorities are forbidden from renewing the current monopolistic law and the Italian betting market should be made open for other European countries. Italy has justified its actions by saying that the lack of foreign competition “secures continuity, financial stability and a proper return on past investments for license holders’. However, the European Court found such claims to be unsubstantial ground for such a breech into the European law. The European Gambling and Betting Association found the court’s decision to be very appealing and hopes that a direct message to other countries will be sent. Member states that offer online gambling licenses should know that private gambling needs to be made possible under the European law.

Online gambling in general is a major topic in legal circles in Europe. Many member states in the European Union are only allowing monopolistic groups to control their local gambling market and there is not real competition and no ‘European gambling market’. Hopefully, change will be made as a result of the new ruling by the European Court. Building a strong European online casino market will ensure a stable economy to all members of the union and will enable the states to form a reliable economic relationship inside the Union. After all, you can’t expect to have a unified economy when countries are blocking foreign competition.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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