Some great news for gambling operators in Spain – the country's authorities have made a decision to cut down the online gambling revenue tax rates.
The Spanish government was working on the 771-page annual budget breakdown and one of the amendments there is a newly-imposed string of tax cuts of online gambling operators. A total cut of 5 percent – from 25% to 20% - went into effect on July 1st. This cut will be applied to fixed-odds and sports betting, as well as horse racing betting and online table games, bingo and poker.
The Spanish territories that are separated from the country's land mass, like Cauta on the northern shores of Morocco will be taxed at 10% for total online revenue, as was the case until now.
This lowering of taxes was met warmly by the companies and operators working in Spain but also those who were so far opting against entering the Spanish market because they thought the tax rates were too high. Most recently, ORYX Gaming made their entry into the regulated Spanish market.
These taxes were due to be revised since April when the country's houses of government began considering slashing them. This will prove a huge boost for Spain's online gambling market which is already experiencing a big surge – 2018's Q1 reported a 27% year-on-year revenue increase, while last year's Q4 marked a revenue increase of 34%. It is estimated that the nation’s online gambling revenue will reach between €1 and €1.5 billion in the next three to five years.
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