Brexit, gambling and the possible benefits for Spain
It seems that the world has gone mad… politics is just going – crazy! No matter what «side» you are on, no matter what conversation it is – there is no denying it. So – when I come across a little gem like this article – full forward. The original title varies, it speaks of the complexity of the situation and doesn’t outright speak of benefits.
Can you tell me what they are, and where does the article begin to change the tone?
It’s also laden with rich vocabulary for the finance industry – so keep your focus and get your pen out!
This is the first part of the article, from the Euro Weekly News. I strongly suggest continuing onto the link to the original article (at the bottom) to finish it.
Its sheer popularity provides a shot in the arm to economies around the world, but its benefits come in many forms: as well as employing a huge number of people (more than 100,000 in the UK) it generates valuable revenue that can be reinvested in vital public services.
For these reasons, it can be a welcome boost to countries who have struggled in the wake of the worldwide financial crisis of the mid-to-late 00s.
Spain’s economy has been under pressure for some time, having seen increased inflation and huge unemployment rates – the latter rising above 25% in 2013 and still only inching under 20% in present day.
Can the gambling industry provide Spain with the income it needs and a solution to the employment troubles?
A history of gambling in Spain
It was only at the end of Franco’s reign in Spain that the very act of gambling was decriminalised. From 1977, regulatory bodies on an autonomous community level were formed to govern their peoples’ wagers. But it was the emergence of online gambling in the late 1990s that really saw the industry take off.
With operators from all over the world quickly moving in to take advantage of a potentially lucrative market, gamblers found a huge range of online betting possibilities to choose from. New laws to govern the Information Society were added onto a 2007 Bill, which clearly defined what constituted online gambling.
The government introduced additional regulations in 2012, which meant gambling operators in Spain would need a licence to run their business. Along with difficulties becoming established, a number of approved regulated operators began handing back their licences.
Teething problems over with – the Spanish economy began to bounce back with some extremely healthy levels of revenue recorded in gaming. Today it’s estimated the Spanish gamble well over 1.9 billion euros per year, which is equal to around 480 euros per person – 15% of household income.
