Illinois Could Become 4th US State to Legalize Online Gambling [...]
Poland Opens Up to Foreign Gaming Operators
- June 26, 2014 By Nemanja L. -
Poland is set to allow foreign sports betting and igaming companies to operate and advertise their products within the country as the Polish Government has drafted a new amendment on the existing Gambling Act.
The new legislation will lift the ban that has prevented foreign gambling operators from offering their services to the country residents and marketing their products in the region.
The amendment will see EU licensed and regulated companies enter the market without any problems, although those companies will have to comply with Polish tax laws on gambling. New operators are also required to open offices in the country and provide all financial paperwork and reports in the Polish language.
Poland seems to have succumbed under pressure from the European Union to review its igaming structure as it was not in accordance with European Commision regulations.
The country is expected to work hard on introducing the new rules in the coming months as they plan to start the process of issuing licenses to foreign gaming operators in the first quarter of 2015.
Significant Increase Expected in Tax Revenues
With Poland missing out on approximately €142 million in tax revenues every year due to the current gambling laws, it is hardly surprising the government has decided to address the issue.
While the current online gambling market in Poland is valued at over €1 billion, the country is only seeing some 9% of this amount in income from four home-based operators that currently hold gaming licenses.
Online Gaming in Poland
While the original Polish Act on Gaming passed in 2010 did not allow online gaming, the 2011 amendment somewhat regulated the online market, albeit only granting licenses to companies registered in the country.
The government has since passed several amendments, with the latest of these making it possible for EU based companies to process gambling-related financial transactions.
As a result, online gamers no longer need to provide sensitive financial information, but can rather use popular electronic wallets such as Neteller and Skrill for fast and secure money transactions.
The latest legislation will finally regulate online gaming in Poland and ensure the country’s laws on gambling are no longer in breach of European Union norms.