Strict Rules for Foreign Online Casinos in Finland and Greece

The governing authorities of Finland and Greece are planning to impose new regulations on foreign online casinos. This action by the new Government of Finland is advantageous for casinos owned by the Government for profit-making by cutting down the competitions from other non-national operators. Even though the measures to be taken against the foreign operators are not clarified, officials of RAY, an online casino operator in Finland, assume that blocking websites, regulations on advertising and monetary exchanges between financial firms in Finland and foreign firms are some of the possible regulations. But these cannot be imposed immediately as they are not clearly defined by the Government, and because of the fact that these actions will require manpower, time and other facilities. The term illegal is undefined, which brings about the possibility of legal action by foreign operators. In spite of the disadvantages pointed out by the experts from the field, the Government of Finland is gearing up to implement the rules. Experts say that restriction on the online gaming world will affect the business growth and the local players negatively. As far as the proposals made by the Greek Government are concerned, the European Commission has pointed out the non-compatible terms in the draft with the European Union law. The points mentioned in the draft are as follows • The online casino should be based in Greece and should have the proof of sufficient funds from a Greek bank. • Players will be restricted to transact money to local banks.   Apart from that, the draft has not clearly mentioned the names of online casino games, which can be provided by an authorized casino. These points were already mentioned by the European Gambling and Betting Association (EGBA). EC received the draft on April 5th. But the Government of Greece is not supposed to impose rules until August 8th, which if violated, the Government will face consequences.

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