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MyLotto24 Gets Tax Refund
Saturday March 5,2016 : SPANISH TAXMAN REFUNDS MYLOTTO24
Euro 9.6 million back into company coffers.
MyLotto24 received a boost to its funds this week when the Spanish taxman refunded the company Euro 9.6 million contributed as a lottery withholding tax on a large jackpot win at the company.
Announcing the refund, parent group Zeal Network said the payment will have a positive impact on the company's financial metrics relating to the year 2015.
Zeal took the opportunity of the good news announcement on tax to reveal less palatable advice regarding its expensive involvement in the geography-based online lottery Geonomics Global Games Limited and its subsidiary Geo24 UK Limited, concluding that it no longer supports the carrying value of Zeal’s investment.
That will result in a non-cash impairment charge of Euro 19 million, which will be recorded in Zeal's consolidated income statement for 2015, and this will impact net profit, the company announced.
Zeal (then Tipp24) made an initial investment of Euro 10 million in Geonomics (formerly Roboreus) four years ago, acquiring a 25.7 percent stake, and has been working with founding brothers Henry and James Oakes to try and build a viable business out of the operation, which is based in London and employs 40 designers and software engineers.
our readers will also recall that Geonomics sold its end-user product to the Atlantic State Lottery Corporation, a lottery organisation representing several small Canadian provinces. The project became mired in a political, tribal and business scandal that eventually saw it dropped.
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GAN Partners with Station Casinos -
B2B online gaming company GAN (formerly Game Account Network) has revealed Station Casinos as its previously unidentified partner in an announcement made August 2016
Oceanís Call Slot Launches -
Online gambling games developer Habanero has embarked on a journey across the high seas to bring players its latest HTML5 high resolution slot title, Oceanís Call.
Big Names Playing WCOOP -
The big names came out to play in the closing stages of the World Championship of Online Poker this week as major prizes were handed out in a number of exciting and entertaining competitions.
Sirplay to Open Argentina Branch -
#SirPlay expects the new office to be fully operational by early next year, extending its service to Grupo Slots, which holds a license to operate the provincial San Luis Lottery, and other potential LatAm clients.
DFS Changes for Ohio -
#dfs Coley says that at present DFS is an example of the "pools for profit" concept, the rules for which the state Attorney General has opined are unclear in relation to DFS.
New Jersey Teams Up With Kahnawake Gaming Commission -
The New Jersey Division of Gaming Enforcement and the Kahnawake Gaming Commission have agreed to collaborate in preventing unlicensed online operators from accepting bets from New Jersey and other U.S. states through the Continent 8 data centre situated on tribal land, according to reports Tuesday from the Associated Press news agency.
Petition to Ban Online Gaming in Singapore -
Singapore Pools and Singapore Turf Clubís application to operate online betting has triggered the origination of a petition that calls on the Government to deny authorization and stop legalization of online gambling.
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