Estonia says yes to online legal gaming

Estonia, a European nation on the middle-western border of Russia, recently announced it would legalize online gambling as a means of increasing its tax revenue. Industry insiders and Estonian legal officials point to the recent success of The Baltic Poker Festival, held in the nation’s capital city of Tallin, as an influencing factor.

 

As a result of the decision, Estonia’s 1.33 million citizens will be allowed to place online wagers in casino gaming sites. Their betting options, however, will be limited. Until 2011, Estonian gambling fans will only be allowed to play on Estonian-based platforms, among them the country’s biggest and most successful provider of legal gambling. Playtech’s much lauded collaboration with the Olympic Casino Group puts the software development firm in an ostensible position.

 

Says Playtech’s Executive Manager, Mor Weizer, “We are truly glad of this opportunity to start our partnership with Olympic as the leading casino entertainment provider in Central and Eastern Europe."

 

Until the early nineties, Estonia endured repeated invasions by stronger European nations like Russia and Germany. It gained independence in 1991 and quickly embarked on an aggressive economic reform program. It joined the EU in 2004 and was fast-tracked for conversion to the Euro.

 

The 2008-09 economic crisis derailed these plans and downed Estonia’s economy by a massive 36%. The decision to permit online gambling is one made out of both desperation and foresight; the EU requires certain minimum economic conditions be met before candidacy to Euro conversion is considered.

 

Estonian officials are hopeful that taxes garnered from online gambling will breathe life into the country’s downtrodden economy, increasing per capita income and providing new jobs to citizens.