European Court of Justice rules that EU member states could be allowed to outlaw online gambling operators.
EU member states have received backing from the European Court of Justice to ban gambling websites if they intend to prevent crime.The EU ruling has dealt a blow to the multi-billion dollar industry and resulted in a fall in Austrian online gambling group bwin's shares, reports Reuters.
One of Europe's largest online bookmakers, bwin had tabled a case before the European Court of Justice as several online gaming companies battle with national legislators across the 27-nation union.
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Commenting on the decision, James Hollins, analyst of gambling stocks at Daniel Stewart & Company, told the news provider: "It's a bit disappointing because the hope was that the European Commission and the European Court of Justice were actually in favour of markets opening up.
"It looks like [the ruling] would strengthen the hand of countries who want to continue to protect state monopolies, which include Portugal or Germany."
European Lotteries, which is a lobby group representing national lotteries in the EU, welcomed the ruling.
Live betting odds, online poker, casino and games are offered on bwin's website.
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