California is not the only one that’s in trouble. Iceland and Greece have been the most prominent victims of the financial crisis. But they’re not the only ones. Governments across Europe are desperately trying to find ways to avoid becoming like these two countries. Just as American state governments are looking to openly discuss alcohol and drug policy (California is one example), Europe’s traditional conservative views about the impact of gambling on society’s values have begun to change in the face severe financial situations. However, this is not the only reason why Europe is starting to allow online gambling and sports betting. The government has monopolized gambling in Europe for a long time. They wanted the entire proceeds and they didn’t want to let it open up to private investors. Online gambling offers a lot more options for risk-taking, and physical casinos are becoming less appealing. These governments want to be in the center of today’s action.
Governments want online gambling and sports betting to be mainstreamed so they can tax, control and profit from them. They know that they will lose out to foreign sites if they don’t mainstream the use. In fact, they won’t even receive any taxes if they do. The reason why, in 2006, France issued arrest warrants for Bwin, an Austrian internet gambling company. They are inviting Bwin and other companies to place bets online in France today. They are doing it all over the world – Spain, Germany, Greece and even Germany, but Britain is still the leader. Five years ago, Britain was rushing to get there. Gambling is making about $30 billion a year in revenue, even though it’s still in its infancy. Governments with cash shortages could easily tax for billions of dollars in revenue.
Only 2006 was the year that complete laws were passed in the USA to ban online gambling and sports betting. Although the law is just beginning to take effect, it was already in force in 2006. The cash flow was much more open to governments back then. As everyone is struggling to make ends meet, Congress is starting to believe that it would be a good idea to repeal the law and let the people take advantage of the same opportunities as Canada and Europe. They won’t admit as much, but they will say that when an activity is legalized, there is less evidence of shadiness. Online sports betting and other low-stakes gambling are likely to be legalized soon. Once that happens, you will experience the same thing France did with the South African soccer World Cup. These websites made more than $100 million in revenues from online sunday999 sports betting. They also collected a lot of taxes, as you might guess. It has been a big player in online gambling for the past three years. Last year, Italy collected $200 million in taxes. This is a tempting deal for any government.
Italy is the most prominent player in online sports betting. They began three years ago and have been enjoying it ever since. Italy is the only country that admits that it does all this for the money. Britain made a mistake by allowing foreign gambling sites to operate on its territory without a license. They have not seen any revenue. They should learn from this experience if they are going to legalize sports betting.