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Spain provides tax cuts for online gambling

Niji Ng

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Spain provides tax cuts for online gambling
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Spain has reduced tax rates for online gambling operators in the country. The gambling industry, quite predictably, has hailed the move and termed it as an “absolutely fantastic” news.

The tax cut was announced in the recently presented 771-page annual budget.  The budget has several tax reductions for online gambling operators, most importantly a 5 per cent reduction in gross gaming revenue, slashing the tax rate from 25 to 20 per cent.

The tax cuts will fuel profits and subsequent growth in the country’s booming online gambling sector. The Dirección General de Ordenación del Juego (DGOJ), Spain’s gambling regulator, recently reported a 27 per cent year-on-year increase in online gambling revenue for the first quarter of 2018.

Santiago Asensi, managing partner of Spanish gaming law firm Asensi Abogados, told iGamingBusiness.com that the new tax regulations will be “good news for everyone”, including the government coffers, which he believes will benefit from a hike in the tax take.

Operators will be able to make better offers to the players who will not go to illegal markets,” he said. “The latest figures from the DGOJ show that all areas of online gambling are expanding, particularly with sports betting and online casino games, so I believe that these new measures will also lead to more tax being collected.

Although the DGOJ has been lobbying the Spanish government for many years to reduce tax rates for online operators, Asensi acknowledged that it would have been “politically very difficult” to introduce such changes at a time of severe austerity across the broader economy, which endured a savage downturn during the global financial crisis.

However, with the economy having expanded by 3.1 per cent in 2017, driven by a significant increase in exports, Spain’s Ministry of Finance has found the right time to bring in the changes, buried in a lengthy document alongside hundreds of other budget decisions.

The DGOJ has been working very hard to reduce the rate for years, but if a party had announced plans to reduce taxes for online gambling companies while asking for sacrifices from the general population, it wouldn’t have got many votes,” Asensi added.

However, now the Spanish economy has recovered, it is the right time.

The five per cent cut will apply to online fixed-odds betting and sports betting, fixed-odds horse racing, betting exchanges and online casino games, bingo and poker.

Companies located in the tiny Spanish enclaves of Ceuta and Melilla on the northern shores of Morocco’s Mediterranean coast will continue to be taxed at 10 per cent of online gross gaming revenues.

The tax rate on pari-mutuel sports betting gross gaming revenue was also cut from 22 to 20per cent, bringing the rate in line with state-owned betting services.

However, the tax rate for pari-mutuel horse racing and pari-mutuel pool betting gross gaming revenues has been increased from 15 to 20 per cent.

The changes were effective from July 1 and have been widely welcomed by companies with interests in the Spanish market who have long argued that the tax rates for online operators have been prohibitive. It emerged in April that Spain’s Congress of Deputies, the lower house of the national government, were looking at slashing tax rates for gambling operators.

 

Source: iGamingBusiness

Niji has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. Besides reporting industry headlines from all around the globe, Niji is also head of the content management team at Impressions Content Management, based in Kerala, India, which offers writing and editing services to clients around the world.

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Betway becomes official global betting partner of the Mzansi Super League T20

Zoltan Tundik

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Photo by rawpixel.com from Pexels
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Betway has agreed a three-year-deal to become the official betting partner of the Mzansi Super League T20 – further adding to its cricket sponsorship portfolio.

The tournament, which takes place in Johannesburg, Tshwane, Durban, Nelson Mandela Bay, Cape Town and Paarl, is broadcast live in the UK and the first fixtures have already provided some great action.

Former South African international AB de Villiers impressed the locals as he hit fifty in vain as Tshwane Spartans were beaten by Cape Town Blitz, while Nelson Mandela Bay Giants beat the Jozi Stars.

Betway’s latest seven-figure-deal comes just months after it was confirmed as the official betting partner of both the men’s and women’s Cricket West Indies (CWI) sides.

Betway’s Anthony Werkman, said: “We are really pleased to be on board at the start of this new look T20 tournament.

“Being involved as a global partner shows the ambition Betway has to become a recognised worldwide supporter of elite professional sport, and the names appearing in this tournament certainly fit that bill.

“I am sure that the crowds will enjoy the games and we look forward to delivering an exciting experience for our customers too over the next three years.”

Cricket South Africa CEO, Thabang Moroe, added: “We are thrilled to have sports betting brand, Betway, on board to join our roster of sponsors, all whom have committed to helping us take Mzansi T20 to the world through the game of cricket.”

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Praesepe put faith in Project pokers

Zoltan Tundik

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L-R: Börris Luengen (Praesepe CFO), Tony Boulton (Project MD) Nigel Davis (Praesepe, Head of Gaming Machines) Mark Schertle (COO, Praesepe) and Andy Tipple (Praesepe, Head of Product)
Reading Time: 1 minute

 

Project has received what it is describing as a ‘substantial order’ from Praesepe, part of the Gauselmann group of companies, for its specialist poker themed games comprising Red Hot Poker, Jacks or Better and the Cat C lite, Hi Lo Poker.

Confirming the order, Praesepe’s Head of Gaming Machines, Nigel Davis, said:We have a long and successful history of working with Project, one of the industry’s leading independent machine innovators. Project was the first to fully understand poker and over the last decade has mastered the art of translating the dynamics of the game into an array of stylish B4, Cat C and Cat C lite machines. We’ve found that poker attracts a different segment of the player base into our venues. They don’t perceive themselves as being slots players but poker players, which means that as an operator we are not simply cannibalising spend from one machine to another. Attracting new income is the lifeblood of any business and poker themed games bring new customers into our venues. I am confident the Project pokers that we have ordered will further enhance the fantastic Cashino customer experience.

Project Managing Director, Tony Boulton stated:We are delighted at the faith shown by Praesepe in our products. We have spent a lot of time understanding the psyche of the poker player and working hard to deliver new and enhanced experiences for poker aficionados. Poker doesn’t go out of fashion, it works across machine categories and it can be deployed either as a stand alone machine or, as we’ve demonstrated in 5 Star Games, as part of a mixed game style compendium. Key to its success and its longevity is the fact that it generates differentiated income courtesy of its’ distinct player base.

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Continent 8 Named “International Business of the Year” at the Isle of Man Newspapers Awards for Excellence

George Miller

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Continent 8 Named “International Business of the Year” at the Isle of Man Newspapers Awards for Excellence
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Continent 8 Technologies, the award-winning, multi-jurisdictional global data solutions provider, has been named the 2018 “International Business of the Year” at the prestigious Isle of Man Newspapers Awards for Excellence held last night at the Villa Marina, Isle of Man.

This year, Continent 8 was shortlisted in the “International Business of the Year category” – one of the most sought after awards of the night. Now in its 13th year, the Awards for Excellence has recognised more than 300 local companies since the awards started, creating a unique opportunity to recognise success for companies, individuals, the public sector, and the charitable sector.

This is the second time Continent 8 has been recognised for success and innovation. In 2014, Continent 8 was honoured as the “Company of the Year”. At that time, the judges remarked that Continent 8 demonstrated a clear strategy, as well as innovative ways of sourcing and delivering service on and off island. They recognised that Continent 8 had a firmly established local and international profile and has served as a strong ambassador on behalf of the Island.

Continent 8’s CEO Michael Tobin stated about this year’s award, “We are truly honoured to be recognised as this year’s International Business of the Year. Our success and growth are directly attributed to our global team of experts, our ability to develop long-term partnerships, and by offering the most sophisticated, innovative, and reliable services to our customers.” Mr. Tobin, described the award as a “Humbling recognition of our relentless pursuit of service and innovation on a global scale and our commitment to the growth of the Isle of Man.”

In accepting the award on behalf of Continent 8 David Black thanked the organisers, judges, shareholders, the global team and led a touching tribute following the recent tragic loss of colleague, Paul Steer.

Continent 8 is an award-winning, multi-jurisdictional global network solutions provider that connects, manages, and secures the world’s most valuable information. Its advanced data centers and high-quality networks support critical online operations in both private and public-sector organisations in over 30 locations across Europethe United States and Asia. For more information visit www.continent8.com.

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