Casino Gran Madrid (CGM) is the first Spanish casino to receive an online gaming license from the newly created Spanish regulatory agency. This comes even ahead of the publication of the new Spanish gambling laws, which will finally regulate the Spanish online market to both local and foreign based online gambling websites. The publication of the new regulations is scheduled for next week in the official governmental gazette.
CGM is ready to begin offering online clients standard casino games such as blackjack, roulette and slots powered by software solution from Playtech. Casino Gran Madrid also officially became the first online poker site in Spain. CGM will be paying a special discounted tax rate of 10 percent on gross gaming revenue, lower than the 25 percent that online casinos and poker sites will pay under the new regulations.
CGM’s representative told gambling news in Spain that the online software will undergo beta testing over the next few weeks and the online casino is scheduled to go live sometime during the next month. For the first month or so CGM will only accept customers from Madrid to ensure it captures a good portion of the market.
Source close to the casino stated that the online gambling license was awarded on May 17, yet the official announcement was delayed until the end of the local elections. In 2006 and 2007, Madrid has already granted land-based casinos permissions to offer online bingo and internet betting in Spain. However CGM is the first casino to receive official licensing for online casino operation.
After the official publication of the new gaming laws in the governmental gazette, the act will be submitted to the European Commission for review. The estimated 3 month review period will provide CGM with a jump start before licenses will be issued to any other gambling businesses.