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Tax crack down worries gambling companies in Ireland
The Irish gaming companies are finding it hard to cope with the excessive interference of authorities in the name of tax crack down. The authorities are putting pressure on them over tax and licensing non-compliance. But the gambling operators say it is all because of unclear regulatory regime.
The Revenue Commissioners, the Irish government agency that oversees taxes began a crackdown on tax and licensing non-compliance in the gaming sector and has sparked concerns among operators. According to gaming companies, there’s a lack of clear legislative framework for the industry and they are worried about the uncertainty that Dublin’s operators are facing.
“Revenue (the agency) is intent on addressing all forms of licensing non-compliance in the gaming and amusement sector,” a spokeswoman for the government’s body stated. “Any trader [operating without licence] is liable to have the gaming machines seized and be prosecuted.”
Since the crackdown started, Revenue has collected more than €1.1 million in unpaid taxes and issued 4000 new licences which generated €899,465.
However, some Dublin operators operate under Revenue-issued licences which apply to amusement machines due to a Dublin City Council directive from 1988 which bans gambling machine licenses from being issued for facilities within city limits.
Revenue’s chairman Niall Cody issued a letter to lower house member Mick Wallace explaining that, before the crackdown began, a group of casino owners made a legal submission raising concerns about the constitutionality of the present gambling law. Nonetheless, there has been little progress -or none at all- to save the Gambling Control Bill 2013, which would regulate the situation but continues to be delayed.
David Hickson, director of the Gaming and Leisure Association of Ireland, said: “At the moment our law dates back to 1956, so we need to update the legislation for a whole host of reasons. Progress towards regulation has been remarkably slow and bedevilled by delays.”
Source: FocusGamingNews
Kambi Group plc (“Kambi”) has during the period 6 November to 12 November 2024 (the “Buyback Period”) repurchased a total of 54,000 ordinary B shares (ISIN: MT0000780107) as part of the share buyback programme, within the mandate approved at the Extraordinary General Meeting on 20 June 2024 (the “Programme”).
The objective of the Programme is to achieve added value for Kambi´s shareholders and to give the Board increased flexibility with Kambi´s capital structure by reducing the capital. The Programme is being carried out in accordance with the Maltese Companies Act, EU Market Abuse Regulation No 596/2014 (“MAR”) and other applicable rules.
From the beginning of the Programme, which started on 6 November, until and including 12 November 2024, Kambi has repurchased a total of 54,000 ordinary B shares at a volume-weighted average price of 111.87 SEK per share.
During the Buyback Period, Kambi has repurchased shares as follows:
| Date | Aggregated daily volume (number of ordinary B shares) |
Weighted average share price per day (SEK) |
Total daily transaction value (SEK) |
| 6 November 2024 | 14,000 | 117.27 | 1,641,822 |
| 7 November 2024 | 10,000 | 115.17 | 1,151,709 |
| 8 November 2024 | 10,000 | 110.08 | 1,100,826 |
| 11 November 2024 | 10,000 | 107.82 | 1,078,240 |
| 12 November 2024 | 10,000 | 106.81 | 1,068,130 |
All acquisitions have been carried out on Nasdaq First North Growth Market in Stockholm by Carnegie Investment Bank AB on behalf of Kambi. Following the acquisitions and as of 12 November 2024, Kambi’s holding of its own shares amounted to 1,428,678 and the total number of issued shares in Kambi is 31,278,297 ordinary B shares. Under the Programme Kambi is authorised to repurchase a maximum of 3,127,830 ordinary B shares, up to a maximum amount of €12.0 million.
A full breakdown of all transactions carried out during the Buyback Period is attached to this announcement.
Information on the Programme is available on Kambi’s website, kambi.com/investors/share-information/
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Growe Partners, an affiliate program, which has skyrocketed its performance in the iGaming industry in just a year, has received yet another recognition as the Best Affiliate Program at the SiGMA Europe Awards 2024.
The ceremony took place in Valletta, Malta on Nov, 12th, and the victory was achieved through a combination of public votes on the award page and evaluations by a distinguished jury panel.
In just a year Growe Partners has rightfully reserved a place amongst industry leaders, who have been in the game for a lot longer, and as they say themselves — they are not going anywhere. Today Growe Partners is a network with over 32 thousand partners, operating in more than 10 locations worldwide.
“This achievement reflects our commitment to investing in our people, our partners, our ideas, and continuously implementing new innovative approaches. We are proud of the strong team we have built, which is always on the lookout for ways to develop and better themselves. And whose dedication resulted in this victory.
With winning this award we would like to once again emphasize that everything is possible in our industry if you set the right goal and work hard for it.” , — commented Dima Mariievskyi, Head of Growe Partners.
Kambi Group plc repurchase of shares during 6 November – 12 November 2024
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Growe Partners Named Best Affiliate Program. Once Again.
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