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Industry
November 29, 2024
Bulgarian Betting Continues to Grow Despite Lower Tax Contributions
The Association of Gaming Industry in Bulgaria (AGIB) has published its financial report for the first nine months of 2024, highlighting a decline in gambling taxes in spite of the industry’s rapid growth. The discrepancy was caused by taxation changes that the Bulgarian Parliament passed last year. Bulgarian Betting Flourishes Thanks to the New Regulations […]
Industry
November 28, 2024
UK Betting Statutory Levy Rates Higher than Initial Proposal Estimates
Earlier this week, the UK confirmed its plans to implement a statutory levy applicable to betting and gaming companies. The betting levy, affecting all licensed operators would be charged based on the respective company’s gross gambling yield (GGY) from the previous year with the levy rates ranging from 0.1% to 1.1%. Now, Nick Arron, lead […]
Industry
November 27, 2024
It’s Official: UK Government Introduces Slots Cap, Betting Levy
Earlier this week, we informed you of The Guardian’s report based on multiple sources that claimed gambling minister Baroness Twycross would soon announce the new statutory levy. The approximate term of the said announcement was rumored for sometime this week. Now, the same publication announces that the UK government has confirmed the online slots cap […]
Sports
November 27, 2024
Andrew Yang Draws Parallels Between Sports Wagering and Taxes
The nationwide expansion of betting brought legal and mobile sports wagering options to millions of Americans in nearly 40 states. The growth of the sector followed a landmark 2018 decision of the US Supreme Court that ruled PASPA unconstitutional, enabling lawmakers in different states to legalize and regulate sports betting. Sports Betting Compared to Tax […]
Industry
November 22, 2024
France Approves Tax Hikes, Gambling Affected
On November 21, the French Senate approved tax hikes across a variety of industries, including gambling. While the country was indecisive about a gambling tax hike earlier this year, it seems like it will be happening after all. The tax changes are a part of the final version of France’s social security budget and align […]
Sports
November 7, 2024
Gambling Tax Plans Lead to Cancellations of Horse Races in France
Late last month, politicians in France decided against the legalization of online gambling amid economic concerns. While iGaming is off the table, at least for now, the horse racing sector was alarmed by an amendment in the proposed 2025 budget that called for increases in gambling taxes. Gambling Tax Hike Results in Protests The budget […]
Industry
November 5, 2024
Kansas Bettors, Oblivious of Gambling Tax Regulations
The Internal Revenue Service (IRS) is having a hard time keeping tabs on gambling winnings, according to a recent study we reported on last month. The results of the study showed a large number of gamblers in the US failed to report their winnings, which caused the IRS to miss out on roughly $1.4 billion […]
Industry
November 5, 2024
$3.1M Tax Refund in Nevada Reveals Regulatory Loophole
In a settlement reached on Monday, the Nevada Gaming Commission agreed to refund Nevada Restaurant Services Inc. (NRSI), the operator of 41 casinos under brands such as Dotty’s and Bourbon Street Sports, a total of $3,120,197.28 in overpaid taxes. These overpayments resulted from an accounting error, over-inflating its tax payments. NRSI Uncovered Two More Years […]
Industry
November 4, 2024
Reeves Says No to Online Gambling Tax Hike, Sparks Criticism
Last month, we reported on the Labour Party’s plan to consider a £3 billion tax hike for gambling companies, mostly aimed at online casinos and sports betting activities. Chancellor Rachel Reeves and ministers were then pondering a rise in the online gambling taxes from 21% to 50% that would have boosted public finances by roughly […]
Industry
October 31, 2024
UK Gambling Operators Catch a Break as Government Delays Tax Hike
Gambling companies operating in the UK, like Flutter Entertainment and Entain, are breathing a sigh of relief today as the UK government’s newly released Autumn Budget leaves gambling tax rates untouched, staving off an anticipated hike that loomed over the industry. While the country’s gambling sector will likely see tax increases in the long term, […]
