Market News - Gambling

EU states are largely powerless in the fight against illegal online gambling

EU member states are struggling to combat illegal online gambling due to regulatory loopholes and the cross-border nature of these platforms. Many of these sites are operated by companies based in Malta and Curaçao, exploiting legal gaps to target consumers in countries with stricter gambling regulations, such as Germany, Italy, and the Netherlands. Despite efforts by regulators to impose fines and sanctions, the elusive nature of operators, often using letterbox companies, complicates enforcement.

 

For example, Maltese company Shark77 Limited, owned by Israeli businessman Avi Shemesh, was fined by Dutch authorities for operating without a license. Other companies, like Bellona and NewEra, also exploit these gaps, while fines often go unpaid, and operations continue in other jurisdictions. Germany, Italy, and other EU nations remain key markets for these operators. Authorities emphasize the risks posed by illegal platforms, including gambling addiction and financial exploitation, as they call for stricter international collaboration to address this issue effectively.

View the original full article here: https://www.heise.de/en/news/EU-states-are-largely-powerless-in-the-fight-against-illegal-online-gambling-10230797.html

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