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Czech gambling industry Growing Rapidly

Saturday October 3,2015 : GAMBLING IN THE CZECH REPUBLIC IS BIG BUSINESS
 
Online and mobile channels rapidly gaining ground.
 
The overall Czech gambling industry is worth around 138,000,000,000 Czech Korunas (GBP 3,761,890,857)  a year in wagers based on 2014 statistics, and the online and mobile component is growing rapidly, the Prague Post reported this week.
 
It is estimated that gambling companies in general earned roughly 30,000,000,000 Kč in 2014.
 
The popularity (and the big money involved) has prompted the government to consider tax opportunities flowing from a licensing and regulatory regime for Internet gambling operators, the newspaper reveals, observing that there are currently no laws specifically targeting online gambling, and no barriers for Czech online punters to gamble with foreign operators.
 
And they do; the Post goes on to point out: 
 
"Many gamblers in the Czech Republic are realizing they can get better value online. Not only are the odds in the casinos better, but numerous European operators offer websites in Czech or English, and players can deposit in Czech Koruna (CZK), meaning no currency conversions are necessary."
 
The Czechs appear to have a strong gambling culture; the country hosts over a hundred strictly regulated brick and mortar casinos which are well patronised.
 
Revenues continue to climb despite reductions in the number of physical gaming machines - currently around 67,000 are operational across the nation. This is apparently due to the increasing popularity of online and mobile gambling, the newspaper opines, observing that more than 150 online casinos are active and promote their businesses in the Czech market, many Koruna-denominated and with local language support structures.

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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