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Portugal has submitted amendments to its online gaming legislation
Monday September 8,2014 : PORTUGAL SUBMITS ONLINE GAMING BILL TO EUROPEAN COMMISSION
15 percent GGR on games of chance, 8 percent online sportsbetting stakes
Portugal has submitted amendments to its online gaming legislation to the TRIS, European Commission for approval.
A 15 percent tax on GGR up to Euro 5 million will be levied regarding online games of chance, and 8 percent on online sportsbetting stakes up to Euro 30 million.
Amounts over and above these will be subject to a modified tax formula capped at 30 percent for games of chance and 16 percent on online sportsbetting.
Tax revenues will be allocated to the State (2.28 percent), the Ministry of Solidarity, Employment andSocial Security (34.52 percent), Presidency of the Council of Ministers (13.35 percent), Ministry of Health (16.44 percent), Ministry of Internal Affairs (3.76 percent) and the Ministry of Education and Science (1.49 percent).
In response to Portuguese operator Santa Casa da Misericórdia's (SCM) opposition to the opening up of the sportsbetting market, the Remote Gaming Association (RGA) said it "believes that a viable and competitive market in the future would benefit not just consumers and the government, but Santa Casa as well."
The RGA pointed out that incumbent monopoly operators have rather thrived under new licensing regimes in other European jurisdictions such as Denmark and that fears of cannibalisation of the operator's offline sports betting product are misplaced.
Clive Hawkswood, chief executive of the RGA said: "I completely understand why Santa Casa, which is such a highly respected institution in Portugal, would have concerns about a fundamental change in the betting market. However, we genuinely believe that its fears are not well - founded and that an online betting market with a reasonable tax regime based on gross profits would present it with a huge opportunity."
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Gambling News :
Wanajump Launches -
#Wanajump Spanish online and land gambling operator Grupo R. Franco appears to be emulating the William Hill group, announcing this week that it is to begin a start-up accelerator program for innovative entrepreneurs, which it has titled Wanajump.
Coral Launches player proposition betting product -
Digital Sports Tech, a business-to-business software provider of sports betting solutions, has signed a deal with UK online and land sports betting operator Coral to provide an innovative player proposition betting product.
Oshi online casino now accepts fiat currencies -
The Oshi online casino, which started just a year ago as a Bitcoin-denominated operation, has described its expanded activity in a statement this week, noting that in addition to Bitcoin it now accepts fiat currencies and has added new game providers to its roster of suppliers.
New Standards for UK Online Gambling -
Online gambling service and technology providers, along with operators and testing agencies will be studying the new gambling software and technical standards proposal published by the UK Gambling Commission following a public consultation.
Pennsylvania Gambling Bill 1887 returned with additions -
The interaction between the Pennsylvanian House and the state Senate has become increasingly like watching a game of ping pong as the two political establishments wrestle with online gambling legalization and court-ordered tax fixes in the dying days of the current political season.
Mybet Earnings Struggle -
The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".
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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