Bulgaria Moves Into The Online Gambling Industry
Bulgaria no longer has to be one of the country's that watches other nations get rich on Internet gambling. The lawmakers in charge in Bulgaria have made the bold move to regulate the online gambling industry, a move that is being applauded by many residents of the country.
The bill that was crafted addresses a growing problem of unregulated online casinos operating in Bulgaria. The new law calls for licenses to be awarded to both national and foreign gaming companies, and makes it nearly impossible for unlicensed online casinos to operate.
One of the key parts of the law calls for Internet providers to block residents from accessing unlicensed online casinos. This will, in essence, make all functioning online casinos in the country legal. The ISP's will gain access to which casinos will be denied operation through a blacklist created by the government. It will then be the responsibility of the providers to block the access.
A similar law was put in effect in the US back in 2006. The Unlawful Internet Gambling Enforcement Act put the responsibility on financial institutions to deny online gambling transactions. The law in the US did not, however, authorize any licensed online casinos, and five years later, the country is dealing with having to change their laws to include online gambling regulations.
In Bulgaria, the revenue generated from the taxation of the Internet gambling industry will go towards youth sports. Bulgaria is attempting to develop their youth athletics to give children a proper avenue to avoid the troubles of being out on the streets.
The issue of regulation arose over the past few years in Bulgaria as unregulated casinos have dominated the landscape. The government has vowed to eliminate all unregulated casinos, and give gamblers a safe place to enjoy a growing leisure activity. Allowing foreign licensed companies to operate in the country will keep Bulgaria free from scrutiny from other countries.