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Spain announced December 29 that it is legalizing online gambling. The Spanish government is also hopeful that the introduction of the new law will help curb illegal gambling.

Spain seems to be following the example of its fellow European countries, UK and Italy, when it comes to gambling.

Spain has decided that a lot of benefits may be reaped with regulating online gambling. December 29, Friday, the Spanish government announced that it will be permitting gaming in specific, regulated locations, including online gambling.

With the legal wagering figures in Italy alone reaching 30 billion Euros, it can be safely assumed that the revenues that can be generated from regulating the gambling industry in Spain will be high. Moreover, the Spanish government is hopeful that the new law will curb illegal gambling. All bets that have a value of over 1 euro will be legal.

Under the new gambling law, Spanish residents will be permitted to place bets over the internet and phone. Madrid will be issuing licenses that will be effective for five years, once all conditions are met.

Conditions for granting the gambling licenses will entail regulations to protect the people. Problem gamblers, under-aged and mentally ill people will be prevented from getting licenses.

It is expected that most of the big European online poker rooms will be applying for an official Spanish license, to take advantage of this new market.

Wednesday, January 10 , 2007