Portugal Will Look To Regulate Online Gambling in July

Portugal Will Look To Regulate Online Gambling in July June 19, 2014 June 19, 2014 Tim Glocks https://www.poker-online.com/author/tim
Posted on  Jun 19, 2014 | Updated on  Jun 19, 2014 by Tim Glocks

PortugalPortugal has faced a sluggish economy for a number of years and the government of Portugal has tried numerous plans to see how best it can revive Portugal’s struggling economy and bring in more cash flow. Portugal had earlier decided to sell citizenship on the basis of providing a “golden visa” for anyone who was in a position to purchase property in Portugal for EUR 500,000 and above. The government had approved this new process in order to bring in overseas investors who could infuse major cashflow into Portugal’s economy.

Portugal has also been debating the legalization of online gambling and sports betting in a move to profit from one of the most lucrative markets in the world. The government expects a steady cashflow based on taxes imposed on a regulated online poker market. The legalization of online gambling in Portugal was discussed in-depth during 2013 but a final agreement wasn’t made.

However, the ministry of Economics has already finalized the final draft of the online gaming law and will discuss the same in the national parliament on the 10th of July. The government is aware of the law as the Minister of the Presidency and of Parliamentary Affairs Luís Marques Guedes has raised the issue of legalizing online gaming in Portugal during the governmental conference that took place on the 12th of June.

The proposed draft that the parliament will review is similar to the online gaming system that is currently being followed in other European countries such as Spain, France and Italy. The proposal will ensure that the state appoints an official gambling authority who will review and provide licenses to all deserving gambling companies.

These online gambling companies will then be able to launch their online poker games and sports betting games in Portugal. All online activities will have to strictly adhere to the guidelines under which the license was provided. These online gambling companies and their operations will be audited periodically by the state run gambling authority who will verify compliance at all times. If any of the laws are violated, then state run gambling authority will reserve the right to withdraw or suspend the online gambling license.

Portugal’s Deputy Prime Minister Paulo Portas expects the parliament to approve the online gambling bill as the government expects to benefit greatly in the form of taxes from the online gambling industry and will in turn use those funds for the development of Portugal.

Tim GlocksAuthor

Tim Glocks is a retired professor, he currently contributes to Poker-Online.com. Tim enjoys playing poker and has taken it up as a hobby since his retirement. He has taken part in many online tournaments and has become a veteran in a short space of time. Visit Tim’s google + page here