Published on January 19, 2015 in Industry News

Casino Gambling SignThere is no denying that the online gambling industry is an extremely lucrative business.

The numbers speak for themselves with the global online gambling market being worth approximately $30 billion.

The steady growth of that figure, which is up from $21 billion in 2010, is reason enough to take an interest in the fast-paced growth of this industry. 

Despite these impressive figures, many countries have outlawed internet betting and online gambling.

For the most part online gambling has been banned in countries such as Russia, Singapore and the USA.

Belgium and Brazil are also against online gambling yet many casinos still welcome Belgian and Brazilian players to gamble with them.

Changes in the European and United Kingdom online gambling legislation have many betting operators reconsidering who they are willing to accept wagers from in order to comply with the law. 

One of the most vocal operators on this front is Ladbrokes PLC. 

The UK betting operator recently confirmed that they will be shutting off their services to players from Russia, Finland, Portugal and Romania.

This decision follows their previous withdrawal from Switzerland, Norway, Hungary and Canada at the end of 2014. 

When questioned about their withdrawal, a Ladbrokes spokesperson said, “We continually review our presence in markets according to legal advice and regulatory conditions. This is an ongoing process and the markets we have withdrawn from are not material.”

While operators such as Ladbrokes are making important decisions about staying within the UK gambling regulations, many of the previously mentioned European countries are currently reviewing their own stance on the rules around online gambling.

While the market in Russia still remains unclear after many national regulators issued warnings to operators who have breached regulations, Portugal and Romania are set to unveil new regulatory structures later in 2015.

Ladbrokes has not stated whether they would be reentering these European markets again once new regulations have been finalized and are in place.