888 Holdings to Pay Spanish Back-taxes 30.05.2012

Roulette News

Just like all of the other gambling operators that are hoping to join the newly regulated Spanish market, 888 Holdings PLC has been discussing exactly how much the company will owe in back-taxes.

Operators who had been accepting wagers from Spanish players while the market was unregulated are now being asked by the Spanish government to pay back-taxes from January 1st, 2009 until the present. While the Spanish government has not explicitly commented that the issuing of new licenses and the back-tax payments will go hand-in-hand, all operators looking to seriously enter the Spanish market are doing so. 888 Holdings PLC will have to pay a hefty sum of €7.4 million plus an additional €1.3 million due to interest and surcharges. The UK-based company used its current cash resources to pay the Spanish government in a lump sum. 888 Holdings believes that since it has now met with all of the Spanish guidelines it will be issued a gaming license sometime in June.

Operators including Betfair, bwin.party and Sportingbet have already paid the back taxes of €10 million, €33 million and €17.2 million respectively. Bet365, PokerStars, Ladbrokes and William Hill are expected to pay their share of back taxes as soon as amounts are agreed upon. It seems that even with paying these hefty fines to the government, gaming operators are very interested in being a part of the regulated Spanish market and see that this inclusion will be very profitable in the future.

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