Revenue generated by online gambling
The European Commission has revealed its plans to regulate the online gambling market. The initiative has been in the works for some time. It was initially touted as part of an internal market review under the previous commission, but this was later scrapped because it was “too sensitive.” Instead, the Commission laid out a plan in a green paper consultation which was published in March. This plan was then followed by a communication published on 23 October 2011.
In 2016, New Jersey’s online gambling industry sent $37.5 million to the state. The state also reaped indirect revenue, such as from marketing costs and W-2G tax forms issued to big winners. This year, the industry has only been in operation for a year and a half, but it is showing signs of growth.
Regulation of online gambling
In a recent Communication on Online Gambling, the European Commission has identified key challenges for the regulatory framework of the online gambling industry. Among them are the protection of minors and the prevention of problem gambling. These challenges have to be addressed in a holistic manner, including legal, social, and policy considerations.
Online gambling is legal in many countries and requires a license to operate. In many jurisdictions, the licensing process is regulated by a government agency. The United States has strict guidelines that govern the online gambling industry, and most of the European Union and Caribbean countries have regulations that aim to ensure fair and responsible gambling. Recently, the Free Trade and Processing Act in Antigua and Barbuda gave online gaming licenses to companies that meet certain requirements.