Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Albania passes law banning sports betting, online gambling

Published 10/25/2018, 12:19 PM
Updated 10/25/2018, 12:20 PM
© Reuters.  Albania passes law banning sports betting, online gambling

By Benet Koleka

(Reuters) - Albania's parliament passed a law on Thursday banning sports betting and other forms of gambling from the start of 2019 in a bid to tackle addiction among gamblers and match fixing in sport competitions, while also protecting household finances.

The legislation, which passed with 75 votes from members of Prime Minister Edi Rama's Socialist Party, will force the closure of slot machine parlors, betting shops and all other forms of sports wagering including via online sites.

It will, however, allow gambling at casinos in large hotels and a televised bingo game and national lottery will continue to operate because they have an ongoing concession.

Albania's sports betting industry has grown rapidly in recent decades and has an annual turnover estimated at 700 million euros, stoking concerns about its impact on low-income families and the integrity of national sport.

Rama, an artist and former basketball player, has led a backlash against the industry.

"We are waging a frontal war with the evil entrenched deeply in our society over the years," he told parliament before Thursday's vote.

The prime minister accused some betting firm owners of having a criminal record and links to organized crime and said a special task force would be set up to shut down any online gambling sites operating in the country.

"They might keep changing sites, and we'll keep shutting them down," he said.

Representatives of sports betting companies, which had offered to stop advertising and close half of the country's betting shops in an effort to avert a total ban, said they would fight the prohibition and seek compensation.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

"The companies are also evaluating the damages from the unilateral interruption of their license and mulling legal action to recover the damages," Artan Shyti, the head of a sports betting industry association, told Reuters.

($1 = 108.8500 leke)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.