Spain introduces enormous online gaming fines
Spain is adding fines of up to $50m for online gaming operators that violate safety standards.
The Spanish gambling market is already considered one of the safest in all of Europe. That is not stopping Minister of Consumer Affairs Alberto Garzón, though, from readying new sweeping changes and potential punishments, including the gigantic fine.
customers between 18 and 25 will also be considered “vulnerable” under the new regulations
The changes are designed to help those at risk or considered to be problem gamblers, even though that comprises less than 1% of Spanish bettors. All customers between 18 and 25 will also be considered “vulnerable” under the new regulations, as will anyone that has lost €600 ($638) in one week.
The 18-25 crowd may also not receive any non-gaming-focused promotions, such as invitations to activation events. Spain already banned gambling advertisements in 2020 with the “Garzón Law.”
Operators will be required to alert customers meeting any of these criteria that they are at risk and possibly facing serious issues. If they do not receive a reply from the customer within 72 hours, they will suspend the account.
They will also block credit card-based deposits for this group of players, though bank transfers and other online payment methods will be allowed.
“Serious infractions” of the new laws will come with a €1m ($1.06m) fine. “Very serious infractions” will see the penalty swell to €50m ($53.2m).