The UK Gambling Commission announced that it has signed a Memorandum of Understanding to exchange information with Portugal gambling regulator Serviço de Regulação e Inspeção de Jogos (SRIJ).
The landmark agreement was signed by SRIJ Vice Chair Teresa Monteiro and UK Gambling Commission Chief Executive Sarah Harrison last month to strengthen the effectiveness of gambling regulation and combat illegal gambling activities by adapting procedures.
Twin Shared Goals
The two gambling regulators have stated their goal of the agreement to prevent disorder and criminal activities and protect the sectors of each nation at risk for gambling addiction and exploitation.
Adapting EEA Policy
The Memorandum of Understanding adapts the policy of the cooperation agreement signed last year by regulators from Member States of the European Economic Area. This marks the first autonomous agreement between two European states to adapt regulation, and currently stands as a reminder that leaving the EU does not prevent countries from making deals with each other to share information about regulation.
Model for Information-Sharing
UK Gambling Commission Direct of Regulation Nick Tofiluk expressed his nation´s goal of working with other countries to more effectively regulate the online gambling industry, citing the Memorandum of Understanding as the model for streamlining information regarding online regulation to all countries.
Portugal´s market has actually been closed since last spring. The gates are opening again as of May 2016, when SRIJ green-lit Betclic Everest Group for online sports betting, the first license the Portueguese government has granted in the country´s new regulated online gambling market.According to local media reports, eleven more applications from Europe-facing gambling companies are currently under review as well.
So the agreement was forged between a country that left the EU and a country that did not have a regulated market to speak of until last month. It indicates the capability ability of diverse European nations with differing political agendas and stages of regulation to autonomously come to an understanding regarding effective implementation of regulation of the increasing popular activity of online gambling.
In the potential emerging era of life after the EU, the Memorandum of Understanding model ensures that global adaptation of iGaming can and is marching forward, paving the way for all nations as stakeholders to adapt effective online gambling regulation models worldwide.