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Madrid Gives Out First Online Gambling License

25 May 2011 by admin

Comunidad_de_Madrid.svgThe Community of Madrid has issued its first online gambling license, beating the whole country of Spain to the punch. Casino Gran Madrid has received the first Internet gambling license in the community or in the country.

The Community of Madrid is one of 17 autonomous communities in Spain. It has its own government and passes its own laws. Its capital is the city of Madrid, which is also the capital of Spain, so in a confusing way, an autonomous government and Spain’s national government are located in the same place.

Anyway, back in 2006, Madrid passed legislation to allow its land-based casinos to offer online gambling. This week, Casino Gran Madrid became the first to receive a license to do so. Meanwhile, Spain is looking to regulate online gambling nationwide. In February, Spain passed a draft bill to regulate the industry, but they are still awaiting approval from the European Union.

The online gambling website has not been launched yet and a launch date has not been provided. Sources say that the website is currently in beta testing mode and could go public within one month. When it is up and running, it will offer online slots, roulette, blackjack and poker. The website will use Playtech software. The casino also gets a much better deal than others in the nation are expected to get. The national online gambling bill calls for a 25% tax on gross profits. Casino Gran Madrid, however, will only be taxed by Madrid at a 10% rate. All players who placed themselves on the self-exclusion list for brick and mortar casinos will also be banned from accessing the online gambling website.

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