After a lot of wrangling, foreign online gambling operators are to be banned under new Czech Republic gambling laws unless they operate from within the Czech Republic.
Czech Republic gambling laws to ban unlicensed foreign operators
Gambling has always been a popular pastime in the Czech Republic. Regulation has been very difficult with some notable actions required to prevent fraud and unlicensed operators. The most recent change to the gambling laws is due to take effect on 1st January 2017. From then, online gambling operators will be banned unless they have obtained a State Gambling Licence and they are based in the Czech Republic for tax purposes.
Tax rates are currently 20% on gross wins for operators. That is on top of a Corporation tax rate of 19%. Those tax rates are some of the highest in the EU so the effect could be quite dramatic. William Hill has already announced that it will longer operate in the Czech Republic, most others are expected to follow to comply with new legislation.
Bitcoin virtual currency has been given a boost this year because currency turmoil in India and Venezuela.
Bitcoin Virtual Currency boosted by currency controls in India and Venezuela
The recent surge in the value of the Bitcoin virtual currency has been attributed to monetary policy in India and Venezuela. During the past six months the value of a Bitcoin has doubled and it is predicted to rise to the 1000 dollar mark early in the new year.
After a week of chaos the statement made by President Duterte has finally been clarified. Philippines gambling is now to exclude outsiders.
Philippines Gambling Clarification
Yesterday Andrea Domingo clarified the intentions of Pagcor following a statement made by President Rodrigo Duterte on Thursday. Andrea Domingo is the chairman of Pagcor regulate gambling in the Philippines. There was confusion after the Presidents statement in relation to the extent of a ban which he announced.
Andrea Domingo said that only unlicensed online gambling companies would be affected by President Duterte’s closure order. During October new licences were granted to 35 Filipino online gambling firms, the licences are valid for one year. It was thought that a total ban might include these firms. The President had caused confusion with his statement so this clarification was very welcome.
Bitcoin popularity has increased due to the economic woes of some of the largest economies in the world. This has been a wake up call for many sceptics.
The increase in popularity of Bitcoin during 2016 has surprised currency traders all over the world. Bitcoin has emerged as the number one virtual currency for many good reasons. It was the first virtual currency and it evolved from some incredible foresight, it was set up by mathematicians to operate with a high level of security.
Bitcoin value has doubled over the past year making it the strongest currency in the world. Why have Bitcoin prices rocketed so much?
Bitcoin Value hits $14 billion Dollars
December has seen a massive rise in the value of the Bitcoin, today it was trading at $900 dollars as against $735 dollars at the beginning of the month. At the start of 2016 Bitcoin value was just $435 dollars. See live Bitcoin prices against all the major currencies.
The Presidents statement did not make it clear whether a proposed Philippines online gambling ban would affect local companies.
Philippines Online Gambling Ban
President Rodrigo Duterte declared today that all forms of online gambling would be stopped throughout the Philippines. He went on to say that the Philippines was not benefiting in any way from online gambling.
Actually, he may have shot himself in the foot. It is estimated that the country benefits to the tune of around 10 billion dollars per year in gambling revenue from foreign tourists. Probably that will not be affected but who knows how far he will go to curb gambling.
Why Bitcoin? It is a massive success story with unprecedented growth, Bitcoin could pave the way for a cashless society in not so many years.
Bitcoin originated from a technology base rather from a banking system, that is why it is uniquely different. Bitcoin caused one of the biggest shocks in the financial markets when it was released in 2009. It was the first currency not to be regulated by any government, organisation or any single entity. It is a virtual currency.
Bitcoin value has risen dramatically in recent months and it may be a good time to be considering making a Bitcoin investment now.
Bitcoin Investment Opportunity
Bitcoin maybe not be what you think. It is a virtual currency sometimes also described as a cryptocurrency. It does not exist in a physical sense like a coin or a note, it only exists on on computers and the internet. Hundreds of computers around the world operate to form the digital currency chain known as Bitcoin. That chain involves using some very secure software to solve mathematical problems. Trading in Bitcoins relies on mathematical proof.
Camelot penalty is a £3 million fine for paying out fraudulently on a spoiled ticket. The mistake was made 6 years ago and only came to light this year.
Camelot Penalty levied by UK Gambling Commission
Again, Camelot who run the UK National Lottery has again been fined by the UK Gambling Commission. The fine is for paying out £2.5 million pounds on a spoiled lottery ticket during 2009. It seems a bit harsh but big responsibility comes with running a national lottery.
Camelot has been fined twice before by the UK regulator. This time their fine was £3 million pounds for paying out when they should not have done so. The fraud was investigated by Hertfordshire Police who worked alongside the Gambling Commission.
The fine may seem hefty but it was determined so that good causes will not lose out due to Camelot’s loss.
Shares in global gambling operators soared today as Japan legalizes gambling in a bid to encourage growth in the economy.
Japan Legalizes Gambling
After much debate about social problems and economic advantages Japan legalizes gambling. Today, lawmakers paved the way to develop a multi billion dollar gambling industry. Casinos will now be legal subject to regulation by the Japanese government. The long-standing prohibition on casino style gambling operations has now been lifted. It has been debated since 1999.
Japan is strategically placed to compete with localised casino gambling operations in Macau, Singapore and Saipan. These gambling locations enjoy a massive amount of gambling income from Chinese visitors because gambling in China is prohibited. The Japanese government can now look to gaining a share of this multi-billion dollar revenue.