Euro Online Casino

A new Euro gambling tax law has been planned by the Government of a European country, which will be used to contribute towards the cost for preparing the country to host the Euro Championship. This would rise up to 91 Million Euros per year.

According to the Law, the casinos will charge an extra 10% on bookmakers, bingo halls, game machines and horse races. The money will be paid towards financing sport and tourism development, once it accumulates over 91 million Euros.

However the gambling companies have informed that negative impact will occur on the industry’s income due to the added taxation. This will cause an effect in the reduction of revenue coming in to the state funds, which can lose and estimated amount up to 8 million Euros on casino gaming alone.

The turnover in the year 2007 was 2.8 billion euros and in the first quarter of 2008 the income went up to 3 billion euros. The casino’s representatives claim profit rates to be between 2-4% and 45% tax level with an additional 19% when they make an extra profit.

Around 11-28 casinos incur losses currently. The casino feels that with the introduction of the new online casino gambling law, there would be problems with regard to extra charges for playing certain types of games and hence be necessary to reprogram the software of machines operating in the country. As some of these machines are too old to be reprogrammed, new machines would have to be replaced. A single machine costs around 3400 to 4500 euros.