Spain's Congress to lower gambling tax
In early April, the Spanish Congress of Deputies proposed gambling tax cut in the country.
According to analysts, online gambling turnover is expected to reach $1 billion in the near future.
To make the Spanish market more attractive to gaming operators, the Congress of Deputies (the lower house of the national parliament) suggested reducing tax on online gambling from 25% to 20%. According to its representatives, this is likely to generate a significant growth of the industry in the country.
The following tax breaks will also affect the following sectors:
- online fixed-odds sports betting;
- exchange betting;
- fixed-odds betting.
In its recent report, Agence France-Presse (AFP) quoted a consulting firm Ficom Leisure saying that Spain expects an increase in annual revenue from online gambling and betting from €1 billion (approximately $1,22 billion) to €1.5 billion ($1.84 billion) in the next three to five years. According to the analysis of online gambling income in Spain, the gross revenues from sports betting and online casino games hit €560 million ($687 million) in 2017.
In the beginning of 2018, Spanish gambling regulator Dirección General de Ordenación del Juego (DGOJ) released the figures for the fourth quarter of 2017. The gross income of the industry reached 173, 33 million euros ($216 million), which is almost 25% higher than the previous quarter. Sports betting was almost 60%; casino games – 28%; poker – 9%; bingo, and others – 3%. Thus, compared with the third quarter of 2017, the GGR growth by these types of games was:
- sports betting (+34,67%);
- online casino games (+of 12.97%);
- online poker (+4,96%);
- bingo (+to 14.77%);
- various competitions (-24,78%).
At the same time, Spanish players spent a total of 1.77 billion euros on gambling, that is 48% higher than a year earlier.
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