In desperate need of financial input, local authorities have passed legislation to legalize casino gambling in Portugal and allow foreign operators to enter the previously monopolized gambling market. 실시간 바카라사이트
The Portuguese government officially introduced a new gambling law, which allowed foreign casino operators to apply for licenses from their country's gambling regulator, Servicão de Regação e Inspação de Jogos (SRIJ). Many foreign casino operators were anxiously waiting for Portugal to regulate its market. When the long-awaited bill came into effect, many foreign casino operators abandoned their intention to enter the newly regulated market. And there's a good reason for that: the sky-high tax rate imposed on foreign casino operators.
Portugal's Economic Difficulties
It is no secret that Portugal has faced many economic problems in recent years. Portugal's Great Recession has led to a serious economic crisis as it cannot pay off its sovereign debt without help from elsewhere. To prevent such a debt crisis, Portugal has applied for financial aid. The European Commission, the European Central Bank, and the International Monetary Fund saved Portugal's sluggish economy, throwing a 79 billion euro lifeline. However, Portuguese officials needed to find a solution to excessive debt levels.
Therefore, officials in Portugal had to discuss the standoff and find possible solutions. Of all the proposals, the gambling trade seemed to gain momentum. In fact, the gambling industry has witnessed a similar scenario, and the news about the possibility of market regulation has come as no surprise. On the other hand, this would break the chain of Portugal's National Lottery Monopoly (or Santa Casa de la Microcordia) and allow serious competition in the market.
Lawmakers have embarked on new legislative work aimed at regulating the country's gambling market for foreign operators. Many foreign online gambling companies have expressed their willingness to enter the young Portuguese market, waiting nervously at the Portuguese door. But lawmakers decided to profit as much as possible from this fact and over-taxed the industry, risking damage to the market before it actually opened up.
Their "get rich quickly and many people can rest" approach scared many casino operators who decided to pull out of their plans to enter the Portuguese market.