Tag Archives: tax

SportsPesa and Betin cease Kenyan operations following tax increase

“Severe consequences” are on the horizon for Kenya’s sporting sector and betting revenue following the announcement that both SportsPesa and Betin will cease operations within the country.  The move follows on from a lengthy standoff with the Kenyan government regarding a change to a legal bill which saw a 20% tax increase on game, betting, and lottery winnings. SportsPesa released …

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LeoVegas looks for economies of scale to counter UK tax hike

Tax

LeoVegas has pointed to the tax rate in Denmark as evidence that a 21 per cent remote gaming duty on games of chance will not impact the sustainable running of its UK business. This week, Chancellor Philip Hammond confirmed to Parliament that UK Remote Gaming Duty would rise from 15 per cent to 21 per cent, effective from 1 October …

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Malta monitors Franco-German ‘EU digital taxation framework’ proposal

Industry stakeholders are monitoring the European Union’s potential proposal to introduce a ‘digital taxation framework’, aimed at consolidating taxes for digital enterprises with multi-national operations and commercial services. The new scheme is being spearheaded by the governments of Germany and France and aims to crack down on tax avoidance loopholes, which have been perceived to be used by multi-national tech …

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HMRC to appeal Sportech’s £97m VAT Spot the Ball refund

The legal to-ing and fro-ing between Her Majesty’s Revenue & Customs and Sportech over the gambling operator’s overpaid tax claim, worth £97m, is set to continue after HMRC announced it is to appeal the latest decision. The appeal is just the latest installment in the long running attempt by Sportech to reclaim tax the company says it erroneously paid on its Spot the Ball product between 1979 …

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£4.8m point of consumption bill blunts 32Red’s record growth

Gaming operator 32Red has posted a record revenue performance for 2015 with a 52% increase in net gaming revenues for the year – however its figures have been blunted by a £4.8m point of consumption tax bill. The firm saw 35% increase in its core 32Red revenues to £41.7m, a 54% jump in its Italian business to £1.7m and a …

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Betfair – Paddy Power merger on course for Q1 2016

The merger between Paddy Power and Betfair is all set to be completed early next year, according to Betfair CEO Breon Corcoran. During the exchange operator’s half year results, the company confirmed that all relevant regulatory filings have been submitted and the merger is on track for completion in Q1 2016, subject to shareholder and regulatory approval Betfair appears to …

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Online performance boosts Gala Coral’s quarter

Gala Coral has bucked a trend by announcing good trading figures for the group’s third quarter period, ending 4 July. Net Revenue of £305.0m was 6% ahead of last year, and EBITDA of £65.7m was up 8%, boosted by continued growth in Online and Gala Retail. The figures are despite the £7.2m extra costs of gaming machines caused by an …

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William Hill cites tax increases for £21m drop in profits

William Hill CEO James Henderson has described the past six months as a period of ‘significant regulatory and taxation change for the industry’ as the bookmaker reported a 30% drop in profits after tax to £69.5m. Despite group net revenue marginally growing, even against 2014 World Cup comparatives, operating profit dropped 12% to £155.7m for the first half. Group net …

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GBGA challenge sees POC tax referred to EU courts

The European Court of Justice should be referred to on important issues concerning the legality of a tax imposed on overseas gambling operators, according to a judgment handed down by the High Court, which could have major implications for the UK’s point of consumption regime. Law firm Olswang has claimed that if the current tax framework is found to be …

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Thomas Smallwood – Comment – It’s for player protection reasons and not budgetary concerns…

Thomas Smallwood CEO SKS365 – Group GmbH , parent company of Planetwin365,  sheds insight and opinion on the current industry debate surrounding the conduct and misuse of player protection and tax issues by governments and regulators. Can an appropriate context really be set on the subject matters  which would benefit players, the industry and national governments? Taxation Noun: the act of …

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