Wednesday, 31 October 2012

To bet or not to bet, that could be the question

EU / GIBRALTAR Over the years the financial stability of Gibraltar has depended in good measure on the gambling industry, which is why it is well regulated, at least according to industry sources. It is also one of the fastest growing sectors of the service industry in the EU growing at a rate of 15% per year, with revenues estimated at €13billion for the 2015 financial year. But there are innumerable online gambling websites that do not come under these regulations, and expose consumers to fraud and money laundering activities. The EU is now proposing a common standard of regulations that will bring member states and the industry together to prevent illegal activity. Among other measures, which are not proposed as legislation for all member states but rather as an enveloping set of actions and principles, are improvements to the age verification systems, online content filters, responsible advertising and increased parental awareness of the dangers of gambling. The Commission knows there is a responsibility to protect gambling addicts and their families. (Gamblers Anonymous, Gibraltar)

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