Denmark - one of the happiest countries in the world, has been involved in legalizing online gambling. Overall, Denmark is quite open to the form of betting entertainment. Over the past few years, hundreds of online casinos have sprung up in this European country and are generating billions of dollars each year. Other countries have started to jump into the race to make ample money with impressive revenue each year from the Danish betting market.
Denmark has only had one betting company licensed for many years, Danske Spil - the only state-owned company legally licensed to operate since 1948. Meanwhile, all Danish and foreign firms are prohibited. However, the Danish government came under a lot of pressure before changing the rules. In the years when Danske Spil was the only legal betting company, more than 400 sports betting websites popped up allowing Danes to bet.
The gambling rules in Denmark are considered too rigid and unclear. However, with the new Act 848 of 2010 on Gambling, a number of changes were revised on 1 January 2012. This is a milestone opening up a liberalized betting market. Although the lottery, number games, and horse racing betting is still exclusive by Danske Spil, other betting game operators are eventually licensed in sports betting, casino games. and online poker.
Poker is part of the Public Poker Act. The Danish Gambling Authority - Spillemyndigheden, is responsible for ensuring the implementation of the Danish Gambling Act.
While online gambling is completely legal in Denmark, all betting sites must be legalized by local regulatory authorities. Online casinos are only allowed to offer products and services to Danes if approved and licensed.
Thanks to the liberalization of the online gambling market, in its first year the Danish Gambling Authority (SKAT) took the position of licensing only 25 operators. Besides that, the online gambling market has been opened up, but the Danish government is still focused on blocking unlicensed gambling sites from providing services to Danish players. Finally, in 2012, the government launched a blacklist of 57 illegal online betting platforms.
In 2017, some internet service providers refused to restrict access to 24 online gambling areas focused on attracting Danish players. This made the Danish Regulatory Authority - Spillemyndigheden dissatisfied and both sides had to appear in court. The case ended in early 2018 when the court ordered the ISP to comply with the regulations.
Since the enactment of the new betting law, Danske Spil's profits have skyrocketed and the company has split into two, Danske Lotteri Spil and Danske Licens Spil. Danske Licens Spil oversees the entire online gambling industry and says profits have increased by more than 60% per year.
For the Danish nation, the change in law has given bettors a wider choice of online casino facilities. Although the Danish government requires very strict procedures when issuing licenses to foreign operators. Gambling advertising is also strictly monitored.
For winning on online casinos, bettors have to pay income tax on the winning prizes since most online casinos do not withhold tax prior to prize payment or cash. Therefore, players are required to declare all winnings and pay taxes when required. There is no specific tax rate for winnings.
For online casino operators, they pay a whopping 20% commission tax.
Players should check the payment method before placing a bet to see if it is right for them.
For paying or withdrawing money from a Danish online casino account, good options for bettors are debit cards, credit cards, VISA, bank transfer or eWallets (PayPal). In addition, gamers can also use Money Booker, Pay Safe Cards, Skrill, and Entropay.
For withdrawals, the Umiddelbar Bank Transaction is a popular choice in Denmark. This facility allows players to withdraw their winnings directly to their bank accounts.