The Czech Republic is one of the first Eastern European countries to change their regulations, with Slovakia coming close behind them.
The Czech Republic decided to update their gambling regulations and have managed to gain revenue with the recent changes. The Czech Ministry of Finance stated the market’s total revenue for 2017 was up 1.1 percent from 2016s results. The increase is due to their change in policy. The Czech Republic is allowing land-based and online casinos to provide gambling to players in country. The 1.1 percent increase to $1.77 billion is said to be from the online gaming revenue over 2016s results.
The spending amount on gambling rose 14.1 percent in the last year. The gains may be modest, but there is certainly a surge in online gambling traffic, which accounts for about 56 percent for a year on year increase. It is also accounting for a fifth of the final market. Sports betting is also available in the Czech Republic, with fixed odds, which is showing a healthy growth.
The online casino revenue is finally coming from domestic operators. The change occurred in 2016. They revised their gambling act in 2016 to be more favorable and to legally allow online casinos to be based locally.
Online lotteries were also not permitted until last year, and now the country is able to gain revenue from these locations. The revenue has hit a startling 6 billion in CZK.
The latest changes to the new gambling regulations were added on January 1, 2017. It resulted in several international companies attaining licenses, despite the taxes. Taxes are rather stiff in the Czech Republic, with 23 percent to 35 percent of the revenue going towards taxes. But, with a fresh market, operators are willing to get licenses and earn money.
The regulations also account for online bonus situations. The restrictions placed on bonuses are meant to help people with gambling addiction not want to sign up to play for free and end up playing at numerous casinos using their money.
The government is also going to purge the market of unauthorized online operators, which could reduce the number of sites by about 200.
Conference About Gambling Regs
Gaming regulations in the Czech Republic have changed and are going to be highlighted at a conference.
The conference is going to be held in September and feature important regulatory concepts, including marketing tips.