New online gambling laws expected in S. Africa
May 20 at 11:11am by Mike
South Africa’s Parliament recently approved a new internet gambling law that will regulate an industry that is plagued by crime and is also vulnerable to money laundering and financing by terrorists!
A memorandum attached to the ‘National Gambling Amendment Bill’ said that “the interactive gambling industry is currently unregulated and generally plagued by crime. This situation has resulted in a considerable loss of revenue to the national treasury and compromises the country’s reputation as a responsible global citizen”.
The new bill aims to address the negative socio-economic effects that are associated with gambling and will deal specifically with the issues of problem gambling, player protection, licensing, taxation and advertising.
The bill also allows for an electronic monitoring system to help root out potentially addictive behavior and to restrict credit advances to those players.
President Thabo Mbeki must still sign the bill into law before it comes into effect.
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