Playtech predicts €20m drop in EBITDA following new Italian gambling tax

new Italian gambling tax

Playtech expects the 2019 modified EBITDA to fall simply by approximately €20m ($22.7m) to €25m subsequent the implementation of the new gambling tax. The Italian United states senate passed the government’s 2019 budget, including legislation to improve tax about various types of gambling actions, on Weekend.

This law is planned to take the impact on 1 January 2019. Among the list of main becomes gambling taxation in the country is actually a hike in online casino taxes from its current price of 20% to 25%; the federal government says this will create an extra €50m in annual income for the condition.

On-line sports activities wagering salary can become taxed at a cost of 24%, up 2% from your earlier garnishment. At the same time, land-based providers are going to observe a similar percentage boost to fees of twenty percent, not including horseracing. The new duty rates will be predicted to cost employees €30m each year.

Italian-licensed operators are already facing complete bans in marketing and sponsors that likewise take impact after 1 January 2019, although existing sponsorship offers will run till 30 June.