Some countries complain about how bad of a year 2016 was and how they expect 2017 to be even worse, while some have high hopes that it can only get better. The new year brings new gambling reforms in Czech Republic and only time will tell whether the online gamblers of the country will be happy or sad about the restrictions.
Online gambling news in Czech Republic keep reporting about the possible effects of the new gambling reforms in Czech Republic 2017. The Czech gambling restrictions went live as of the 1st of January after the new bill on gambling in Czech Republic has been accepted back in June, 2016.
What’s the point of the new gambling reforms in Czech Republic?
Answering that question is quite easy: Czech Republic is a member of the European Union and if they want to remain partners with the continental allies, they must play by the EU rules. And EU gambling laws and Czech gambling laws have not been on the same page until the 1st of January: EU entities were not allowed to enter the Czech gambling market.
Obviously, those Czech gambling laws are all against what the European Union stands for, so the laws had to be changed. The new gambling laws in Czech Republic will, from now on, allow other companies from the EU and EEA countries to provide their services in the country. Of course, however, only if they meet the high standards of the Czech state and if they apply and are granted the proper gaming license.
What are those requirements?
Luckily the new gambling laws have cleared up what they expect from online gambling providers in the future. Those who want to offer their gambling services in Czech Republic, they will have to apply for a gaming license at the Czech Gaming Authority. They will be granted the license if they have at least €2 million in own equity, they can make a deposit of €1,9 million or €1,1 million, depending on which area of the Czech gambling industry they are about to enter.
In addition, the applying new online gambling providers in Czech Republic will also have to have a clear criminal history, they have to be free of public debts and they cannot be threatened by bankruptcy or liquidation. And they also have to outlay a clear structure of ownership working fluently in a transparent organizational way.
What’s going to happen to gambling providers in Czech Republic?
Well, the first and obvious answer to this question would be that the old online sportsbooks in Czech Republic are going to stay in the country, and the only effect that new ones are going to arrive as well. That would be the perfect scenario and that’s what the Czech government can hope for, of course.
However, the Czech gambling restrictions might come with another effect as well, and we’ve already seen that it is possible. The existing providers might decide it’s not worth staying there and they will just leave the country. That’s how William Hill has decided, however they are likely to make a return after applying for the necessary licenses. Only time will tell whether there will be more or less gambling sites upon the gambling reforms in Czech Republic.