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Bulgarian gambling tax Could Put Thousands Out Of Work

11/6/09 - The successful first reading of a Bulgarian government bill designed to hike gambling taxes up from 10 percent to 12 percent  has triggered some dire warnings from industry associations, with claims that up to 40 000 people could be put out of work if the changes to the law are passed.
 
The Sofia news agency reports that the Bulgarian Association for Entertainment and Gambling Games has warned that the industry could collapse under the burden of extra taxes.
 
According to the Association, instead of raising BGN 12 million of additional revenue, the tax increase is actually going to reduce state revenue coming from gambling because the industry has already seen a 40 percent slump over the economic crisis and will thus be dealt a new blow.
 
The Association warned that some 40 000 people of the 80 000 jobs in the gambling sector might be made redundant as the industry starts to struggle because of the combined effect of the world economic crisis and the greater tax. It has calculated that since the average salary in the sector is BGN 700, the loss of 40 000 jobs would translate into the loss of BGN 134 million in indirect taxes for the state budget. This figure is said to disregard the potential closures of gambling firms, smaller VAT and corporate tax payments.
 
According to official data, the Bulgarian gambling industry had a turnover of BGN 700 million in 2007, and of BGN 1 billion in 2008.

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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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