In December of 2014, a 15 percent levy will be placed on remote online offshore gambling firms that serve customers in the United Kingdom. Due to such a high percentage, this may raise $467 million for the taxpayer.
Such major firms that will be affected include William Hill and Ladbrokes, which operate from Gibraltar, where taxes are currently levied at just one percent and capp at 425,000 EU. Analysts say that the point of consumption, or POC, could change the makeup of the gambling industry, with smaller bookmakers potentially forced out of the market completely.
The good news for gambling businesses is, remote betting may be able to offset the taxes through cost-cutting and developing further into Europe and overseas, including Australia. According to research from Citi analysts James Ainley, gambling firms may be able to save the impact of the new taxes by 70 to 80 percent by expanding the locale of their offerings.
While the australian government currently prohibits online gambling, with the integration and legalization of gambling elsewhere in the world, the regulation is likely to soften in the coming years. Companies are currently looking for a sustainable market, and Australia has a very competitive landscape for the industry, and wouldn’t affect European operators who are already competing in a regulated market.
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