Casino News: Bwin Takes Prompt Action in response to Turkish Law

Bwin, a public company based in Austria has decided to withdraw on a temporary basis its online gaming offers from Turkey following the imposition of new anti-online gambling laws, according to a Reuters report. The Austrian firm made a statement,” Although on one hand, the new law prohibits online games of chance, on the other it also provides for the possibility of acquiring a license at a later date”.

The Austrian firm earns about 6 percent of its total gaming revenues from Turkey. So, a temporary halt on its Turkey business could reduce total gaming revenues by 15-20 million Euros ($26.3 million) per year reveals a spokesman of Bwin. The company is also targeting on acquiring a valid license. However, as of now, the condition is not clear. Karin Klein, spokesperson of Bwin commented,” We don't really have much information on this, our lawyers are investigating."

United States and European countries are introducing new rules & regulations to online gambling companies. Many countries are trying to restrict Internet gambling to protect customers & state-run lotteries.

Reuters reminded that, bwin wrote off most of the value of its U.S. poker website, which it acquired for more than 500 million Euros at the early part of the last year, following US ban on Internet gambling against financial transactions with online gambling companies.