Online Gambling Growing in Czech Republic
The Czech wagering market is dominated by firms like Tipsport, Fortuna, Chance and Synot, with Tipsort said to be the largest in terms of overall revenue, experts said.
According to Fortuna director Martin Todt, the Czech firms are relocating their online operations to Malta to take advantage of the liberal regulatory environment there.
Fortuna’s controlling shareholder, Penta, a financial holding company, has applied for a licence in Malta, where it is starting another betting company, Fortunawin. Many others are expected to follow suit, enabling them to reduce their tax and regulatory burden, and use that money to finance the development of new games and entertainments for online gambling customers.
Malta Movers
With a Maltese licence, the firm would be regarded as foreign and thus able to operate as other foreign gambling companies do throughout Europe.
“We had to consider all options,” Penta spokeswoman Jana Studniková said.
Tipsport is also considering offering online betting via its Slovak partner, Doxxbet. Tipsport entered the Slovak market just last year.
But both Studniková and Vrzá said that the new online companies, expected to enter the Czech market later this year, are legally separate from local betting firms.
Companies said that interestingly foreign firms have an advantage when competing for online gambling revenues in the Czech Republic.
Foreign companies base their actions on a ruling of the European Court of Justice (ECJ) in Luxembourg that stipulates a licence issued anywhere within the European Union entitles its holder to provide betting services throughout the entire European Union.
Online gambling is a hot topic around the world -- with the World Trade Organization (WTO), an international, intergovernmental body, once again this week ruling against the U.S. for its rules on online gambling and in favor of the island nation of Antigua. That is part of an ongoing dispute, which many Democrats in the U.S. Congress want to resolve by legalizing online gambling, once again, in the U.S.
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