Online gambling has been regulated not long before the gambling commission came into power in 2007. There are many online gambling websites that are working in the UK and EU to provide the services. Svenskkasinon.se casino website is a Swedish website that specializes in European online casinos so it is highly recommended to visit it before you start playing. From bingo to the lottery and from poker to sports betting there are numerous sites that have been established rapidly after 2007. There are many advantages to gambling online as it saves both time and the traveling costs. If you are willing to start online gambling in the UK then it is highly advised to acquire a license from the commission.
The Gambling Act 2005
Protecting both the players and the online gambling enthusiasts this act was passed by the parliament in 2005. There are several provisions of this act that ensure online gambling is safe and secure. In those countries where there are no online gambling laws and regulations, it is important to note that this activity is directly related to crime and disorder. The first provision of this act states that the online gambling will never be related to such activities in any form or means. The finance inflow and outflow will also be monitored.
This act also states that the operators of the online casino must make sure that the gambling on their platform is conducted in a fair manner. Necessary rules and protocols will be implemented by such casinos to ensure that the financial details of the customers remain safe and secure. Child gambling is also prohibited in this act and it is addressed in a strict manner. There are businesses all over the UK that offer their services for online gambling. This act ensures that the financial health of all such operators is assessed. If a business shows any kind of traits that it will not be able to maintain the financial position then the license is not issued at all.
Kudos to this act the operators can also advertise the services in all major sporting events. The businesses are permitted by law to advertise at least once during any major event.
The online gambling commission
To oversee the activities of the online gambling businesses this commission was formed in 2007. The main, as well as the sub-points and their implementation, are the primary duties of this commission. There have been several issues with this commission due to the blows to its credibility. The Canbet is the major website that ran into problems and the commission wasn’t able to judge the situation in a timely manner.
The commission also analyses the financial situation of the operators submitting their applications to the government. Apart from the Canbet incident, the commission has proven to be the most effective and efficient authority to regulate the online gambling in the UK. The commission also clarified the Canbet incident. In their view it is not possible to assess the financial health of all the companies all the time. Though the incident shook the UK, stricter processes are now enforced to monitor the gambling companies.
Supporters and opponents of online casinos are arguing about the possibility of using online casinos as a mean of transporting illegally acquired funds and thus turn them into legitimate. And again, the opposite points of views have about the possible problems of money laundering through the use of channels of online casinos have collided with each other. One point of view has been recently announced by the government of the United States on behalf of representatives of departments of the Department of State, the other one was defended by online gambling experts at a special meeting in Europe.
The collision of opinions
Official representatives of the Department of State claim that gambling is one of the real money-laundering channels operating in Costa Rica. Costa Rica is one of a small number of states that produces officially licensed online casinos and bookmakers. According to one of the largest gambling reviewers in Sweden – Svenskkasinon.se website, Costa Rica finds itself comfortably among the world’s 10 best regions for launching legal gambling business. At the same time it emphasizes that Costa Rica houses a number of non-regulated online gambling operators and creates the prospects for potential channels of fraudulent cash flows. This was officially stated in the report of the newspaper AM Costa Rica, which is based on a study of the problem of money laundering and related financial crimes, identified with the assistance of special units of Department of State. At the same time, representatives of this special unit of US State Department said that the efforts of the Government of Costa Rica are aimed at countering money laundering, and surely bring a tangible effect. These legislative measures are including changes in tax laws, taking measures to encourage law-abiding citizens, measures to automation and computerization of the control system in the field of online casinos.
Despite the statements made by the special division of the Department of State, and the data given in the profile report, experts from Europe strongly disagree with this opinion. The reason for the discussion was a meeting in Brussels, where Europe’s leading politicians and experts in online gambling on safety and standardization of online gambling gathered to discuss a range of heated topics. Among the main speakers was Dr. Friedrich Schneider, a professor of economics at the University of Ёhanes Kipler in Linz. A large part of his life, Dr. Schneider spent on studying issues of online gambling, as well as studying of all the other related issues. At the meeting, Dr. Schneider said:
The possibility of money laundering through Internet casino sites is negligible and is far from being highly productive. At the same time, he noted that the entire volume of cash passing through the banks engaged in financial support online gambling is not very large in comparison to other available channels.
The top manager of PokerStars in northern Europe in his speech supported the view of Dr. Schneider. Sven Steele drew attention to the fact that all financial transactions on licensed sites online casinos are made only on the basis of services provided by the officially registered banks, which in turn have clear anti-money laundering procedures. Prior to the game for real money players must verify their identities, which eliminates the possibility of money laundering.