The Effect of Europe’s New Gambling Rules on Bitcoin

Unless you have been living under a rock, you would have surely noticed the regulations, new tax plans, and crackdowns that are happening across Europe. This is not just happening in Europe alone; rather it is also taking a minor storm up in Australia. When you talk about gambling, you cannot leave out Bitcoin and its use in this field. So, when the regulations come in this field of gambling, surely it is anticipated that the Bitcoins might also face some changes.

Across Europe, many countries are coming up with new regulations and restrictions for protecting the players. However, those casinos, which are using Bitcoin or cryptocurrency, shall find its fame on the high.

The Countries with the New Gaming Regulations

There are a few countries currently, like Poland, the Netherlands, and the Czech Republic where there are fresh regulations coming up in the gaming circuit.

The reason for these countries to restructure the laws of gaming has been the presence of many casinos, which were running their business illegally in these countries. The laws in these three countries for gambling are for the betterment of the society from excessive gambling, and they have successfully implemented them. The rule says the operators must have a license as approved by the local gambling operators and their laws are making the business even tougher to grow.

Poland has tactfully increased taxes, and that has been marked at a massive 12 % of the total stake. It means that betting industries are facing the heat of paying higher taxes off their revenues and many popular casinos such as Bet365, 888 casinos have left Poland after this new tax scheme.

The Polish Government has banned unregulated operator domains and taken off the list. However, this will have as the little impact on the unregulated flow of Bitcoins, but this is a welcome move, considering where Bitcoins are used for deposits.

The Czech Republic to follow the higher tax pattern and charges perhaps, the most is entire Europe. A whopping 35 % of the total revenue and 19 % of the corporate tax is imposed every time. Thus, many betting casinos and operators have moved out of this country as well, where the major share of profits flows away as taxes.

The government of both these countries is ensuring in maximizing the security from unregulated casinos. Numerous IP addresses of these casinos have been blocked, and various banks have been instructed to stop accepting any sorts of monetary payments from these operators.

How will Bitcoin be affected?

The entire re-shuffle of gambling regulations all across Europe has given a huge blow to the sector in whole, while some operators are still finding ways to exist. With the help of Bitcoin, it’s completely unnamed to any third party government regulations to track a person.

In a nutshell, Bitcoins have risen up more in value, only to be a way of being an anonymous and un-traceable valuation for any determined gambler.

 

Online Casinos Shown The Door In Poland While Big Casinos Are Already Out

Poland government has of late started a great campaign of putting a stop to major online casinos from offering games to the players. This has come a year after the new tax scheme that was launched last year, which was part of making several reforms in the gambling circuit.

This crackdown has already pushed major online casino names like Bet365 and other such firms to contemplate leaving. The changes that the Polish government had aimed at bringing in gambling scenario has taken a big turn now especially when it began putting its foot down on letting the operators offer online casino games.

The Changes brought forward in Gambling regulations

The Polish government has laid a set of new rules and regulations that have put the online casinos and operators in a fix. Top casinos like Bet365, Mr. Green Casino, and Betfair have already left the country. More are likely to follow soon due to the government’s strict regulations.

The government has claimed that many of these casino operators as illegal thereby, there is no certainty that they would be able to function much after that.

The government is now very particular about the casinos which have Polish license and those who do not have fall under its “Blacklist” category. Currently, there are hordes of the online operators, 970 to be precise, who fall under this category and this is indeed a scare for all the operators. The internet service providers will be taking action soon on these operators, failing which, they would be fined heavily, an amount of $64,500! With such a condition prevailing, it is only logical for the operators to do some really quick thinking.

The Uncertain future and its overall impact

Poland has woken up to the fact that since the middle of the last decade, the number of pokies has increased and more so online. This kind of crackdown that the Polish government has taken now is not just a decision taken overnight. The government has kept a tab for the past few years on illegal gambling. A staggering number of players had participated, and around 17,700 had even won over $8 million in these events. This just triggered a set of events and urged the government to ensure there were no more of such illegal hubs online that encouraged such gambling. In spite of several laws and attempts at setting down laws and passing of bills, this problem continued to exist.

But then, the government soon enough took drastic steps and introduced new regulations. One such regulation was to ensure that the servers must be of Poland, and the next was to ensure that the transaction happened through Polish banks offering a 12% tax too. So, such steps were already there for some time and additionally with this last crackdown of the online casinos the Poland government has just made itself very clear. Now, it plainly implies on establishing only Poland-licensed casinos around for better management.