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SPORTINGBET JOINS THE QUEUE TO PAY SPANISH BACK-TAX
Tuesday May 22, 2012 : SPORTINGBET JOINS THE QUEUE TO PAY SPANISH BACK-TAX (Update)
Euro 17.2 million due
Following the announcement yesterday that Bwin.Party is to pay the retro-active Spanish online gambling tax, rival group Sportingbet has announced that it will also pay up, assessing that this will cost the company Euro 14 million, plus surcharges and interest of up to Euro 3.2 million.
"The payment of these taxes maximises the likelihood of securing a Spanish eGaming licence," the company said in a statement Tuesday.
Like Bwin.Party, Sportingbet was contacted by the Spanish tax authority, which made clear that, in its opinion, any online operator that has ever accepted revenues from Spanish customers has an obligation to pay Spanish taxes under two laws, one dating from 1966 and the other from 1977.
"Prior to the recent approach from the Spanish authorities, these laws had been applied to operators based in Spain carrying out offline gaming activities and to certain kinds of bets (other than fixed odd bets)," Sportingbet explains.
In order to meet the taxation requirement, Sportingbet has completed the sale of GBP 15 million principal amount of the company's 7 percent Convertible Bonds due 2016. These Bonds will be issued on Friday 25 May and are on the same terms as, and will form a single series with, the GBP 65 million convertible bonds issued on 8 June 2011 and will be convertible into Ordinary Shares at a conversion price of GBP 0.4775.
ISM Capital advised on the sale of the Bonds to institutional investors, supported strongly by existing bondholders.
Upon receipt of a licence, Sportingbet intends to immediately apply to Commercial Court no.10 in Madrid to cancel the current injunction over its Spanish facing business imposed at the request of rivals Codere.
"Obtaining a Spanish eGaming licence will mark the next step in the Company's stated strategy of increasing the proportion of the Group's gaming revenue from regulated markets," the Sportingbet statement asserts.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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