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Impact of EU Tax Policies on Online PokerPublished November 3, 2014 by Lee R
Online poker and gaming is entering a period of rapid but unstable growth.
The CEO of online poker provider 888 says that tax policies in UK, France, and continental Europe will serve initially to stifle the ultimate growth of the online poker industry.
888 CEO Outlook
888 Holdings CEO Brian Mattingley believes the wider Internet gambling market in general stands to suffer some down times due to European Union online gaming regulations.
With online poker undergoing a wealth of changes, there is no small amount of uncertainty hovering around the market right now. The outgoing CEO will be stepping down from 888 in 2015, leaving an unpredictable scenario that he claims will be affected by changes effected by gaming regulations from key governments in Europe.
Mattingley believes that a significant amount of hard work will be necessary to maintain global market stability for online poker and online gaming in light of challenges posed to operators, consumers and governments.
UK Being Watched
The impact of UK legislation and regulation is being watched by most industry experts and operators as a key impact on the further development of the market; said UK Gambling Act imposes a 15 percent tax on all UK online gambling revenues. This tax has been resisted by the Great Britain Gambling Association GBGA, of which 888 is a member.
Mattingley has been actively involved in these efforts over the course of his service with 888, as 40% of 888's UK gambling revenues come from the British market.
Mattingley Strategy Recommendation
Mattingley said the key to minimizing and successfully integrating significant legislation is to understand it well, especially since 888 will be put to task to report and comprehensively explain grey market activity online that it has offered and engaged in up until this point. Interestingly enough, 888 has licenses everywhere; but the grey market reference comes from the as yet unregulated German market where 888 also offers games, in a country where the government has yet to being issuing any operating licenses.