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French Authorities regulate Online Gambling

Authorities in France have said that a regulatory agency will be created to properly monitor and license online gambling operations.

France has allowed steady but controlled access to its citizens and has now developed a model of standards which should adquately address concerns regarding online gambling sites.

The French National Crime Commission’s President, Alain Bauer put forward a list of important steps as the French market is gradually opened. Opponents of online gambling have also drawn up a list of problems they foresee, these are all covered in the model of standards including measure which will limit potential damage.

The regulatory agency will be responsible for monitoring and licensing of applicants for legal online gambling. The regulations stipulate that servers will be made accessible to the agency so that they can monitor and audit software and records for fraud or corruption.

Furthermore only online gambling operations that have been in existence for seven or more years will be able to apply for a license. All online gambling sites wanting to apply will be subject to full disclosure and transparency, this will include investors, shareholders and employees having to pass background checks.

Players will have to submit a legal form of identification and a French bank account upon registration, they will then be issued with a unique PIN to activate and play.

The government will also demand sharing of information, for example suspect sports betting patterns. A regulation to prevent the practice of insider trading will further prevent wagering by individual who have connections with a player or a team. Gamblers who have a suspected addiction to online gambling will also be blocked.

The regulations are designed to protect its citizenry and is more effective than a ban which leaves online gambling to unregulated organisations.

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.