Playtech to incur up to €25m losses with Italy’s new taxes

Italy’s Senate has approved a bill that would result in a spike in gambling tax rates by January 2019. The government plans to hike tax rates on online casino revenue (from 20% to 25%), sports betting (from 22% to 24%) and virtual betting (from 20% to 22%). As a result, Playtech warned its investors that the new tax rates would cut its projected full-year 2019 earnings by “approximately €20-25 million before any mitigating actions.”
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Italy’s gambling tax hikes to do damage to Playtech’s earnings
The future does not look bright

The Story

Italy’s Senate has approved a bill that would result in a spike in gambling tax rates by January 2019. The government plans to hike tax rates on online casino revenue (from 20% to 25%), sports betting (from 22% to 24%) and virtual betting (from 20% to 22%). As a result, Playtech warned its investors that the new tax rates would cut its projected full-year 2019 earnings by “approximately €20-25 million before any mitigating actions.”

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SHOUT OUT
Congratulations to Mark Claxton for his appointment as the new Head of Games at iSoftBet! With 17 years in the industry, Claxton has created some of the industry’s well-known real-money and casual gaming titles.
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