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Norway has joined Sweden, Australia, and the United States on the list of countries desperately fighting against the inevitable tide of regulated online casinos.  Norway is currently proposing legislation that is horrifically similar to the American Unlawful Internet Gambling Enforcement Act.  The law would forbid financial institutions from processing transactions from online casinos and Internet gambling sites that are not approved by the government.  This will essentially give the government owned Norske Tipping the monopoly over online casinos in the country.

The EFTA Surveillance Authority is responsible for maintain compliance with free trade principals in the European Economic Area.  Norway explained their new proposed legislation to the EFTA stating that the ban on foreign online casinos is necessary “to ensure consumer protection” and to “prevent unfortunate social consequences and crime related to gaming.”

It is likely that Norway is following the lead of Sweden, a fellow Nordic nation.  The product of the Nyren Report in Sweden resulted in a suggestion to the federal government that a government run monopoly on online casinos may be the best way to keep tabs on the activities of the Internet gambling industry in the country.

If the Norwegian law take effect after the current consultative process, transactions valued up to Euro 2 billion could be impacted negatively.  There has yet to be any official word from the Norwegian Financial Services Association about it stance on the new legislative proposal.  Much like the Unlawful Internet Gambling Enforcement Act, this new law will place additional pressure on the nation’s financial service industry.

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