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Spanish Gaming Legislation to Advance Economy

A new investigation into the impact of legalized online gaming in Spain has revealed a string of potential benefits to the country, it emerged this month. The latest reports indicate that moves to introduce a regulated service will boost the economy beyond all previous expectations – generating additional revenue of as much as €137.5 million for the year 2012 alone. The creation of new taxation rates and online casino licenses looks set to offer the government access to a hefty income stream making this one of the most significant legal and financial developments of the year so far.

A new report suggests that Spanish gaming legislation will create major income streams as well as significant job opportunities.

The Spanish gaming industry has been expanding at a consistent rate in recent years with more than 370,000 online gamblers recorded for the year 2010. Such a figure suggests an increase of 33% when compared with findings for 2009. Updated gambling legislation will also ensure that remote gaming providers take responsibility for the interest of consumers – particularly when it comes to the issue of gambling addiction. Newly enforced strictures will oblige websites to improve levels of customer support and assistance – offering a safe playing environment for all those concerned.

Meanwhile economists have noted that the legislation will play a pivotal role in tackling the high levels of Spanish unemployment. A regulated industry would, they say, result in the creation of some 120,000 jobs – a statistic which compares handsomely with the more modest 12,000 new jobs expected in Ireland. European nations will no doubt be monitoring developments with close interest as debates concerning the future of the industry continue to excite debate and controversy throughout the world.

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.