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   Saturday, April 20 2024 
Online gambling to be regulated by late 2014 - Portugal

The European Commission introduced mid-July its first recommendation on principles for the protection of consumers and players of online gambling services. The said recommendation would allow Portugal to better prepare for the regulation of its online gambling market. Seduced by the absence of gaming tax in the country, many professional poker players have moved to Portugal. However, things are to change soon since the regulation of online gaming industry is expected to set up by late 2014. Accordingly, the new special tax on online gaming (IEJO) is said to claim 15 to 30 % taxes from online gaming and online betting’s gross revenues. As for sports bets and horse racing, the tax figure would be from 8 to16% of the volume of bets. Before the summer recess, the Portuguese parliaments had passed a draft bill in the Council of Ministers. Hence the government has a six-month period to fully implement the regulation of its domestic online gambling market with a great focus on taxation.

Portuguese authority “Inspecção Geral de Jogos” (IGJ) will be in charge of the online gambling market’s regulation in Portugal. In order to be granted a 3 years valid license by IGJ, for example, those gambling operators have to leave a deposit of € 600,000 along with technical, financial and administrative application files. Their e-gambling sites also must be presented with the domain name “.PT”. As for the draft bill, it allows operators to offer three variants of online poker including the most famed Poker Hold'em, Omaha and Sintético. Besides poker, the bill also includes the authorization of Blackjack/21in casino games.

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