Denmark is known for having one of the highest incomes in the world and with this has come an increase in online gambling. People need an outlet to spend their extra cash over which the government held a monopoly. Denmark isn’t the only country with a monopoly such as this. Other countries like Greece, Cyprus and Germany all have had gambling monopolies in the same vein. Learn more about Denmark Opens Frontiers!
Betting Monopolies Are Falling – About Denmark Opens Frontiers
Until early 2012, Danske Spil of Denmark was the only company to have a gambling license. This meant that other Danish or overseas companies were unable to offer games of any kind, including sports bets.
All gambling rights were held by this one company, hence the monopoly. However, this wasn’t in complete effect as there were still many websites still taking bets from Danish citizens.
In Greece overseas companies were kept out of the Greek gambling market. The Greeks claimed that their insistence to keep the monopoly. Despite outside pressure from the EU, was in order to curb illegal gambling and to retain a firm hold of the legal aspects.
As the EU started to put further pressure on the Greeks, hope was that it would force the Greek government to open its borders and allow other countries in. Greece had over stepped their bounds, they ceased to conform to EU rules or risk losing more big companies. BetFair had already withdrawn its multi-million dollar business from the country.With the monopoly getting constantly tested, Denmark soon changed their gambling laws allowing other companies to join in the competition.
This hasn’t slowed down Danske Spil in the slightest and in fact, the state still holds all rights to games based on pure luck and sports betting. Danske Spil has seen a significant rise in profits since the new legislation came into play. Recently, the company Mr Green has acquired a Danish license and plans to set up a Danish company later this year.
Germany’s government monopoly over gambling came under fire by the EU back in 2010. The monopoly banned web betting and kept a tight hold on all other forms of gambling and lotteries. Overseas companies challenged these laws claiming them as inconsistent as the monopoly didn’t cover slot machines.
Many people were placing illegal overseas bets regardless simply in an effort to play. It seems that a monopoly only causes more harm. Illegal gambling abounds and especially in the EU, breach their laws, they will find out about it. Hope you found out more about Denmark Opens Frontiers!