There is a bit of controversy concerning online gambling in Lithuania. A controversy embedded in the regulations of the industry. Seamlessly, this magical country has an impressive and lucrative market regarding online gambling.
Growth of the online gambling industry has triggered the need for new laws and regulations to protect both the industry and gamblers. The revenue generated by the online gambling market has doubled in recent years.
A cut down of the number of illegal websites accessible to gamblers is a big deal. Authorities requested more power to block these sites which were approved by the Vilnius court.
Lithuania Online Gambling Regulation
The government of Lithuania has under the Ministry of Finance a body known as the Gaming Control Authority. A development which resulted from sanctions issued by the European Commission for not meeting the required standard. This Institution works together with various State and Municipal institutions to regulate online gambling.
The online gambling regulations are enforced by the Lithuania Gambling Control Authority. Ideally, they guide, educate and make policies public. Failure on the part of the online gambling company to comply would attract strict penalties from the Institution.
New Regulations Rolled out
Before the proposed regulations, online gambling in Lithuania had experienced lots of fraudulent practices. Illegal gambling websites surges, lack of a proper established address, bonuses and promos meant to keep players addicted etcetera. However, the recent regulations have restored the dignity and trust for online gambling in Lithuania and across the globe.
The new gambling regulation requires owners of online gambling websites to establish some sort of partnership with land-based casinos. Online gambling websites without an established partnership are sanctioned and blacklisted.
Also, for online websites to run effectively and efficiently, they would need to share capital of more than $1.18 million. In addition, they must also have an active license. Every online operator must be licensed.
Other recent regulations include
- Online operators are barred from offering gifts and bonuses to new members. These incentives are responsible for the spike in gambling and also gambling addiction.
- Ban on advertisements of any form of gambling service.
- Blocking transactions from players without proper credit card, debit cards, etcetera
How The Government Tackled Fraudulent Practices In The Gaming Industry
The Lithuania government set up a Gaming Control Authority that is responsible for its gambling activities. The Institution is subject to the Ministry of Finance and coordinates its affairs with both State and Municipal Institutions. Ideally, they ensure that the laid down policies regarding online gambling are implemented across the state.
Core Responsibility of The Gambling Control Authority
- Grant permits for opening establishments like casinos, bingo hall etcetera and can also change and cancel those permits by law.
- The Institution is responsible for issuing and cancelling lottery licenses
- Ensuring that both gaming and gambling operators are in compliance with the regulation.
- Drafting of legal suits against illegal sites
The Lithuania Gambling Control Authority, backed by the Ministry of Finance, is responsible for supervising both land-based and online gambling in the country. The Institution clamps down on illegal sites wishing to tap into the lucrative market. Also, ensuring that legal websites offer gambling services in accordance with the law.
Generally, the Gaming Control Authority has four divisions; Control Division, Division of Legislation, Staff and General Affairs, Licensing and Permission Division, and Gaming Devices Type Approval and Register Division. Under Lithuania law, the minimum age for gambling is 18 years. Players who do not meet this benchmark are restricted from online gambling. More insights about Gambling and other related topic can be found on lithuaniatribune.
Be the first to comment