An Eventful Month for the EU's Gaming Industry
We have been so focused on the clash between Trump's administration and EU leaders, as well as Britain's Brexit negotiations, that we seldom play close attention to the different industries across Europe. There have been many changes happening, from new banking and tax regulations to changes at a corporate level.
In this part, however, we are going to focus on the gaming industry. January 2017 has been a very eventful month for the industry, with big changes affecting the market as a whole, as well as individual operators. What are the notable changes to know?
Portugal One Step Closer to Shared Liquidity Agreements
Portugal opened its door for online gambling operators just last year. Since then, the country has been fine-tuning its regulations to allow safe and healthy gaming, while still offering operators some flexibility to bank profits. Along with France, Italy, Spain and the UK, Portugal is also in the process of establishing shared liquidity agreements.
When formed, the shared liquidity agreements allow players from any of the aforementioned countries to play against each other without having to worry about transfer of funds and other local regulations. This will further expand the European gaming market and unite key countries with the biggest number of players.
Early in January 2017, Portugal submitted the necessary documents describing the technical requirements. The regulatory paper will now be reviewed by the European Commission.
The Shift Towards Live Gaming
Online gaming and mobile gaming have received the most exposure this past year. The two gaming platforms are considered to be the most lucrative, especially since there are thousands of players already using these two platforms on a daily basis; entering the market is just a matter of bringing a good gaming experience to desktop and mobile devices.
That said, there are also those who prefer to play live games. There are still a lot of operators that relies on real-time streaming from an actual brick-and-mortar casino to deliver the best gaming experience. One of the major players, Leovegas, has introduced a set of new live casino games for players to access.
The shift is actually a big sign of more to come. Unlike computer-based casino games, live casinos use real props, so players can enjoy the same odds as those offered by offline casinos. Experts believe there will be more players switching to live casinos this year.
New Development in the Gibraltar and UK Tax Dispute
The Gibraltar Betting and Gaming Association or GBGA and Her Majesty's Revenue and Customs have been locked in a legal battle regarding the taxation of gaming across the two countries. While there is no sign of a resolution being made in the near future, January 2017 marked another positive step towards a consensus.
The EU Court recently ruled that Gibraltar and the UK should be treated as a single member state of the European Union. This means the two can simply resolve the dispute internally as members of the European Union. Many believe that a resolution will be achieved in a matter of months now that there is a legal ground the two countries agree on; more developments will be reported here on EU Business.