Portuguese Regulator Orders Lotus Digital Ventures to Cease Operations
The Serviço de Regulação e Inspeção de Jogos (SRIJ), Portugal’s gambling regulator, has ordered Lotus Digital Ventures LLC Limited to halt its activities within the country. The company has complied with the order, and its platform is no longer accessible to Portuguese users.
The SRIJ has stated that it will continue to monitor the online gambling market for any potential offerings from this operator. However, the regulator cautioned that engaging in online gambling and betting on platforms operated by unlicensed entities falls outside of its regulatory control and lacks legal protection.
Why is this important? The SRIJ emphasizes the critical importance of players using only licensed platforms within Portugal. This ensures their safety and the legality of their bets. This measure aims to protect consumers from potential fraud and guarantee that operators adhere to the standards mandated by Portuguese law.
This action is part of the SRIJ’s ongoing efforts to regulate the online gambling and betting market, fostering a secure and legal environment for all participants.
Key Takeaways:
- Lotus Digital Ventures has ceased operations in Portugal following an order from the SRIJ.
- The SRIJ will continue to monitor the market.
- Players are urged to use only licensed platforms for their protection.
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