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Online casino news good and not so good

By admin on 2013-12-10 10:40:58

There are several interesting share price movements and financial statements to include in this month’s online casino news report, but the recent autumn statement from the UK chancellor George Osborne has reminded us of the fast approaching licensing regulations for offshore online casino operators due to be implemented next year. These measures include a very significant new tax on the offshore online casinos, with a 15% point of consumption tax on gross revenues from casino games played by gamblers in the UK irrespective of where the online casino operator is formally based. It is estimated that this new tax will cost the online casino operators £300 million a year between them and most of them will be considering what effect it may have on their profitability. Better casino news for both William Hill and Ladbrokes last week, with both online casino operators benefitting from broker upgrades, although Ladbrokes have also announced further job losses taking the total this year to 175 jobs mostly from their headquarters in Harrow. Talking of job losses in the online gambling sector another well-known company in this sector is the betting exchange operator Betfair, which having cut at least 700 jobs over the past 15 months under the guidance of chief executive Breon Corcoran, is now reported to be hiring again in several countries. Betfair’s half-year financial results last week boosted their share price to £10.80, which when compared to the best offer put on the table last year by CVC Capital Partners of 950p during their rebuffed take-over attempt last spring does bode well for the future. Meanwhile there is also some casino news concerning Sportech, who have agreed a joint venture with NYX Gaming Group based in Las Vegas to supply online products and services and take advantage of new online gaming regulations in certain American states.