Holland Casino Swings Back to Profitability Despite Rising Tax Pressures

As the first half of 2025 draws to an end, Holland Casino posted a profit of EUR 14.2 million ($16.6 million), reversing the loss in the same period last year. While positive, these gains are the result of significant cost-cutting measures, strategic restructuring, and the sale of two properties, rather than stemming from an increase in gambling revenue.

The Digital Segment Continued Declining

During H1 2025, revenue decreased to EUR 390.9 million ($456.4 million), compared to EUR 395.4 million ($461.6 million) in H1 2024. The slight improvement in land-based casinos softened this decline, as branch turnover increased due to more visitors and a higher spend per customer. In the first half, the company had 2.58 million visitors, compared to 2.56 million for the same period last year.

The continuing decline of Holland Casino Online sharply contrasted with the optimistic results from the brick-and-mortar segment. The digital platform has historically struggled. Last year, online revenue was EUR 48.9 million ($57.1 million), a 15% drop compared to 2023. While the operator did not disclose exact H1 2025 figures, executives acknowledged the decline and noted that the stricter regulations had “significantly impacted” digital performance.

The divestment of casinos in Groningen and Zandvoort boosted the bottom line, generating EUR 11.4 million ($13.3 million) in proceeds and bolstering profit by EUR 6.6 million ($7.71 million). Furthermore, sweeping restructuring at the head office helped trim EUR 30 million ($35 million) in operating costs. Relief measures on pandemic-related debt, including a payment freeze and an extended repayment timeline, further strengthened Holland Casino’s liquidity.

Leadership Remains Apprehensive

Despite the gains, management remains hesitant. CFO Ruud Bergervoet commended the team for achieving savings and keeping service standards, yet drew attention to existing issues. He explained that financial pressures remained high, especially given the government’s planned second wave of gambling tax increases in 2026. The Netherlands adjusted the gambling tax from 30.5% to 34.2% in January 2025 and will raise it to 37.8% in 2026.

According to Bergervoet, Holland Casino would have made only EUR 1.1 million ($1.28 million) in profit with the higher tax rate, or a EUR 5.5 million ($6.42 million) loss without the two sales. Such comments underline how thin the operator’s margins are despite visible savings. To help cut costs, the company is testing new operational changes, including altered roulette odds and a greater focus on digital solutions to reduce expenses.

Such economic realities further underline how the operator seeks to rise above its precarious financial position. The broader challenge is balancing between financial sustainability and the mandate to provide safe and legal gambling. Despite shrinking profitability, operators and politicians regard Holland Casino as a bulwark against illegal operators, making its continued existence imperative for the nation.