At this point, many nations of the world have turned to the world of land-based and online gambling in order to collect extra revenue during this time of economic strain. In Luxembourg, however, this is not the case. Whereas in other nations, gambling is at least a hot issue, in Luxembourg the gambling market remains largely untouched.
Profitable Yet Untouched Gambling Market Lies in Luxembourg
At this point, many nations of the world have turned to the world of land-based and online gambling in order to
Luxembourg gambling laws are the reason behind this lack of business in what could be such a fruitful industry. Until the mid 70’s, no other form of gambling outside the national lottery was legal in Luxembourg. In 1977, the first and only casino was opened.
The situation is quite different in regards to internet gambling in Luxembourg. There is no wording in legislation that makes online gambling explicitly illegal, therefore, it’s legal to some degree. As a result, there are a number of online casinos in Luxembourg.
Though there are some online casinos available in Luxembourg, they are all based in foreign nations where online gambling is legal and licenses are sold. In this way, the government of Luxembourg has no jurisdiction over them. The national lotto, Loterie Nationale, offers instant games online making its site the only Luxembourg based online gambling facility.
Though the government of Luxembourg may not provide online casinos and gambling sites with licenses, there are some very successful gambling companies that come out of Luxembourg, namely Gaming VC Holdings S.A.
One of Gaming VC’s ventures, BetBoo, was recently named Latin American Operator of the Year at the EGR Awards. Gaming VC revenue rose at a massive rate of 30% over the last quarter of 2009 showing that the Luxembourg based company, indeed, knows what its doing. Plans for the company, however, see it shifting from Luxembourg to the Isle of Man in the near future. This move will introduce much lighter taxing to the company.
In the event that Luxembourg would reconsider its standing on the subject of online gambling, the nation could profit greatly. The revenue raised by granting gaming licenses could go to various local charities, as is the case with money raised through the national lottery.