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Czech online casino gambling prospects

The Czech Republic ranks fourth in Europe in terms of the volume of the expenditures of private citizens going towards gambling in its many forms, and a company involved in gaming in the country expects that less traditional forms of gambling, such as online gambling, will open up in the years ahead despite current restrictions and increase such expenditures when it happens. In 2004, Czechs spent the equivalent of $3.4 billion gambling, an 8.5 percent increase in such spending over the year before that. Currently, gambling at online casinos is prohibited by Czech law but a change in such laws is, as stated before, expected and that could lead to online casino sites coming to dominate Czech gambling expenses.

“We are of the view that a change in the internet gambling law should end illegal practices, including advertising for online casino services, or on the other hand liberalize the market and allow Czech online betting offices to offer online casinos betting. In the case of market liberalization for Czech online casino companies, we will be ready to offer betting services over the Internet to our clients,” says Katerina Danhelovna, general director of Synot Holding, a Czech corporation that includes some of the nation’s major gaming providers revealed.

Online casino gambling is considered illegal in many parts of the world, including the United States, Canada, South Africa, Australia and many others – obviously, the Czech Republic as well. Recent raids in South Africa resulted in hundreds of thousands of computers and other online gambling equipment seized by organized crime police. However, elsewhere in the European Union which the Czech Republic joined last year, online casino companies are allowed to do business but not actively seek out clientele…a thin line, for example, exists in the UK between advertising your brand and inducing people to gamble. The regulatory body for gambling in England recently announced a crackdown on online casino companies engaging in illegal advertising.

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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