great news for the providers of games of chance in Spain – the country’s authorities have made a decision to cut down on the online gambling turnover tax rates.
The Spanish government is working on the 771-page annual budget and one of the changes, there is a newly imposed set of tax cuts from online bookmakers. A total reduction of 5 percent – from 25% to 20% – went into effect on July 1. This cut will be applied to fixed-odds and bet on sports, but also horse racing betting and online table games, bingo and poker.
The Spanish territories which are separated from the land, the land of the mass, such as the cauta, on the northern coast of Morocco will be taxed at 10% for the total online sales, such as was the case up to now.
This reduction of the tax was met warmly by the companies and operators that work in Spain, but also those who are so far to choose against entering the Spanish market, because they thought the rates were too high. Most recently, ORYX Gaming their appearance in the regulated Spanish market.
These taxes were to be revised since April, when the country the houses of the government began considering cutting them. This will prove a huge boost for Spain’s online gambling market that is already experiencing a large surge – 2018 Q1 reported a 27% year-on-year sales growth, while last year’s Q4 marked with a revenue growth of 34%. It is estimated that the people’s online gambling revenues will reach between €1 to €1.5 billion in the next three to five years.