Here is something to cheer about for gambling fans in Croatia. The European Commission has approved the proposal to legalise the online betting in the country. Most other countries in the region had legalised gambling long back and by next year, Croatia would join the elite club.

chips and dice_flagThe draft for legalization and regulation of gambling in the country was submitted by the government to the European Commission for approval earlier this year. The next step for the government is the submission of bill for voting in the parliament. The bill might take a few weeks to get approved in the parliament, after which, people could start gambling in government regulated online casinos in their own country. It is expected, by mid-2015, that online gambling would be running full-fledged various parts of Croatia.

What’s in store for casinos?

The government has some rigid regulations for setting up online betting business in the country. Online poker operators are expected to get a licence from the Ministry of Finance by paying an amount of $490,000 every year to run their gambling business. Apart from this, the operator is expected to have a bank deposit of $490,000 excluding the licence expenses. It means, an operator should have a combined amount of about $1 million dollars to run an online casino in the country, which is extremely high compared to other countries.

Though the measure is to protect the players, it might hinder the smaller sites from entering the fray. However, on the flipside, the tax on online gambling revenue is just 5 percent, compared with the 30 percent that is charged in other member states of EU.

What’s in store for players?

Players are unfortunately at the receiving end. The operators would charge a withdrawing tax on every withdrawal from 10 percent to 30 percent, based on the amount taken. The operators would charge the amount from the player and later on pay it to the government. This is to prevent any player from transferring the amount to another country.

The rigid rules are expected to ensure proper gambling practices in the country.