Ex-Hollywood Movie Producer Wins Hungarys First Online Casino License

A landmark victory has been chalked by the online casino gaming industry in Hungary. Online casino gaming sites have for a very long time now faced stiff opposition from operators of traditional brick and mortar based casino gaming centres. Andrew G. Vajna, the Film Industry Commissioner in Hungary, has recently been awarded the license to operate his online casino gaming site in Hungary. The Las Vegas Casino (LVC) Diamond Ltd owned by Andrew Vajna has been in operation for some time now. In a conversation with a state broadcasting station, LVC Diamond Ltd were very excited by the turn of events and had even put in place plans to get players registration on their site.

With LVC Diamond Ltd’s license expected to be valid for about 8 years, this singular act of winning the license to operate as Hungary’s first online casino can be seen as a win for all casino gaming sites. Bit by bit, more and more countries are joining the move to legalize online casino sites and it won’t be long before all the casino-loving countries come on board. Countries where online casino hasn’t been legalized have their citizens playing on offshore online casinos. Within Canada alone, close to about $10 billion is gambled through the placement of bets on offshore online casino sites located in countries such as Gibraltar and Cyprus.

President Donald J. Trump in one of his interviews with Forbes said, “It has to happen because many other countries are doing it and, like usual, the US is just missing out.” This was his answer with regards to the legalization of online casino gaming sites. This goes to prove that countries which may still oppose the legalization of online casino gaming sites are simply missing out on what they could have achieved from its legalization. Billions upon billions of dollars are spent yearly by people placing illegal bets in offshore casino sites. The online casino industry is one area that can help in adding a substantial amount to the national revenue. Therefore the decision to not make it legitimate in a particular country simply means that players will have to place their bets elsewhere.

A closer look at Andrew Vajna’s LVC Diamond Ltd shows that they posted a total revenue of over HUF 6 billion in the year 2015 after all tax deductions have been made. This is money that could be lost to an offshore online gaming site if Hungary had decided to oppose the operations of online casinos. It can therefore be seen as the right move by the Hungarian government. This is simply due to the fact that it helps in blocking offshore online casino sites from ripping Hungary off of money that could have been used for other important developmental projects.

Not so long ago, the Czech Republic also legalized the activities of online based casino gaming platforms. A pattern is forming, and just like the industrial revolution where there was nothing that could be done to stop it, the online casino industry is also on its way to completely transform how gambling activities are done. More and more casino players prefer to place bets in the various online gaming sites around as compared to looking for a traditional brick and mortar casino centre. The benefits of that come with online casinos for both the player and a particular country as a whole are countless.

Mathieu Blake

Mathieu Blake - Internet Entrepreneur, loves technology, sports, the Montreal Canadiens, Poker, Poker chips, current events and travel. You will often find him Writing about different topics that interest him on websites and blogs. To submit an article, contact the website directly.