Online gaming firm 888 has stumped up some money after discussions with the Spanish tax-man and believes it has now fulfilled all requirements necessary to receive a Spanish e-gaming licence.
The Spanish authorities will start dishing out licences at the beginning of June and has made it clear that any company wishing to get one has to pay Spanish taxes under two laws, one dating from 1966 and the other from 1977.
Previously these laws were applied to operators based in Spain carrying out offline gaming activities and to certain kinds of bets other than fixed odd bets.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Having completed a self-assessment, 888 had made a one-off payment of €7.4m, in addition to surcharges and interest expected to be up to €1.3m.
The group has been paying gaming duty in respect of its Spanish operations since May 2011.
In comparison with rival bwin.party, 888 has got off relatively lightly. Last week, bwin.party said it will be handing over €33m to the Spanish tax-man.
Sportingbet, meanwhile, said last week it will be paying €14m plus surcharges and interest of up to €3.2m. The payment of these taxes maximises the likelihood of securing a Spanish e-gaming licence, the group said, laying its cards on the table.
JH
-
Cash in on the growth prospects of Europe's companiesOpinion Marcel Stötzel, co-portfolio manager of the Fidelity European Trust, selects three stocks
-
Is the AI boom another dotcom bubble?25 years on from the dotcom bubble bursting, is it time for investors to consider the sustainability of the AI boom in the stock market?
