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Bulgarian Gambling reversal

11/27/09 - Late Thursday saw a stunning reversal of a decision by Bulgarian parliamentarians to limit taxation on gambling to 12 percent  in defiance of the prime minister's call for a 15 percent rate.
Prime Minister Boyko Borisov was, as we reported earlier, less than pleased with the 12 percent move and vowed to reverse it....and reverse it he did, pushing MPs in a second reading to vote for the 15 percent rate he needed to balance cuts in alcohol and mortgage taxation areas.
The vote was apparently unanimous, with all 149 MPs present in agreement.
The Novinite news agency reports that BGN 150 million will be raised from the gambling tax in 2010.
The decision did not please everyone; Bulgarian business mogul Vasil Bozhkov slammed the increased tax in a television interview, using some provocative language in describing the politicians involved.  Bozhkov is believed in many quarters to be Bulgaria's richest man and was at one time involved in the gambling business.
He told the TV television interviewer: “Under pressure by an unbalanced Finance Minister and Ivan Kostov, an outright lier and the father of corruption in Bulgaria, a genocide against the Bulgarian business is being performed. This is not just with respect to gambling, this is a genocide against the whole business sector in a time of crisis.”
The Finance Minister referred to is Simeon Djankov and Ivan Kostov is the former PM and current co-chair of the rightist Blue Coalition, which supports the GERB government of Borisov.

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Bozhkov's thoughts on the issue follow warnings by the Bulgarian Association for Entertainment and Gambling Games that even the former 12 percent rate would cause the collapse of the gambling industry and the loss of 40 000 jobs.
Presenting a different and more supportive view for the hike, MP Iskra Fidosova from the GERB ruling party pointed to Finance Minister Simeon Djankov's study which indicated that Bulgarians are generally negative towards gambling. Only 10 percent think that gambling operators should be favoured, whereas 60 percent are in favour of higher gambling tax, with opinions varying that it should be between 14 - 20 percent.
MP Aliosman Imamov from the ethnic Turkish Movement for Rights and Freedoms said the major problem in the gambling sector was not the size of the tax but weak regulation which would prevent the generation of the projected tax revenues.

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Gambling News :

Tom Horn Awarded Malta Gaming License - Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.

Calvin Ayre invests in new Antigua Business Center - Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.

Attack of the Zombies Slot - Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.

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Time Running Our For Pennsylvanian online gambling - Hopes that this week would see the Pennsylvanian Senate voting on an online gambling and DFS legalization bill already passed by the House four months ago dwindled Wednesday when no progress was made and the legislatures season officially closed.

Yggdrasil Gaming Expanding - The Swedish online gambling games developer Yggdrasil Gaming is to establish a new parent company and expand its Stockholm office as it bolsters its presence in Sweden with a raft of new hires.

FanDuel and DraftKings Settle With NY Attorney General - Speculation earlier this week that daily fantasy sports market leaders FanDuel and DraftKings were about to agree a settlement on consumer fraud suits prepared by the New York AG was confirmed Tuesday when a $12 million settlement was announced.

Stan james Now Live With EPOS - The company switched to the Optima server less system across its entire estate in July after previously using Optima EPOS technology. The switch was completed early this (October) month and has already delivered noteworthy savings for the company.

Singapore Online Gambling Ban Begins - Singapore media reports indicated Tuesday that restricted online gambling services offered by the Singapore Pools have started online operations, whilst Singapore Turf Club will commence online betting activity on November 15.

Chinese police action against Crown Resorts Widens - In addition to the 18 Crown employees still held after their arrest last week, it now appears that the police questioned 87 Crown punters and junket organizers, detaining 10 of the latter.

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