EU upsets the gambling industry
Industry bodies are up in arms at EU proposals for the introduction of the fourth EU anti-money laundering directive.
Basically the thrust of the proposal is that anybody placing (or winning it seems) bets of €2000 or more will come under the new directive.
Say you are on course and want to place a large bet or collect on a fortunate win. The bookie won’t be able to pay you out unless you bring your passport and he sets up an account for you where you can be vetted as a genuine individual. Basically it would be impossible to place or collect a bet. For small bookies or on course bookies it would be a nightmare. You also have this problem that nobody bets till five minutes before the off. Most savvy gamblers till just before the actual off.
A curious line I saw said: –
“Internet or on-line gambling facilities – are high risk as they are non face-to-face and offer a high degree of secrecy and anonymity”
Which I thought was assuming as in my experience it’s the complete opposite. Registering an on-line account involves supplying all sorts of information before you are allowed to do anything useful. So that comments looks really poorly thought through.
I doubt it would be a problem for any on-line gambling service as all these systems, checks and balances are probably in place already and can be accessed electronically. But for the rest of the industry, it’s another EU inspired mess.
Category: Industry news
