Sportingbet Agrees €17 Million In Spainish Back Taxes

Sportingbet Agrees €17 Million In Spainish Back TaxesAhead of June 1st when Spain is expected to grant a number of gambling licenses, the government announced that many of the hopeful companies would now be liable for millions of euros in back taxes.
Although the policy initially caused a bit of a stir, it didn’t take long before carried out a self-assessment tax return and agreed to hand over €33.6 million in order to gain a foothold in the lucrative Spanish market.
A few days later and Sportingbet has now followed suit after accepting liability to pay €17.2m (£13.8m) back taxes for its Spanish operation between January 2009 and May 2012. Previously, online operators receiving revenue from Spanish customers had managed to dodge Spanish taxes, but a reinterpretation of two pieces of tax law now makes their obligation clear. As a Sportingbet statement explains:
“Prior to the recent approach from the Spanish authorities, these laws had been applied to operators based in Spain carrying out offline gaming activities and to certain kinds of bets [other than fixed odd bets].”
Having now carried out its own  self-assessment, Sportingbet has therefore acknowledged €14 million in tax liability plus €3.2 million in surcharges and interest. In order to meet the extra cost, Sportingbet will sell £15 million of convertible bonds on May 25th, with a company statement then elaborating:
“Sportingbet expects the payment to qualify the Company for the Spanish eGaming licensing round which is expected to be issued on 1 June 2012.”
The UK e-gaming operator is aiming to increase the proportion of its gaming revenue derived from regulated markets, with Spain presenting particularly attractive possibilities. In 2010, the Spanish gambling market was worth €9.5 billion in gross revenues, and has an online gambling market expected to reach €800 million by 2014.
After its announcement to pay the €17.2 million in taxes, Sportingbet share price rose 0.50p to 27.50p in early trading.

Poker News
24 Aug 2016
On August 15th, the iPoker Network officially exited the Ukrainian market, and has now sent out emails to all affected players instructing them to withdraw their money by the month’s end. Last week, several of the network’s skins, including Gala Casino Poker, Coral Poker and Mansion Poker, also withdrew their products from Russia. Unlike individual
27 Jul 2015
In an effort to promote poker and help develop the industry as a whole, the World Poker Fund Holdings (WPFH) has now recruited Martin Owens to become the company’s chief adviser, a role he is more than qualified to undertake having specialized in online gaming law since 1998. Amongst his many duties, one of Owens’
23 Jun 2014
Having already withdrawn its product from Washington, Maryland, New York, and New Jersey, US-facing online poker site Bovada has now added Nevada And Delaware to its list of excluded US states. Those players attempting to open new accounts in those jurisdictions will now be greeted with a message stating: “We are sorry. We do not
19 Jun 2014
Earlier this month State Sen. Edwin Erickson announced his intention to present internet poker bill Bill 1386 to the Pennsylvania Senate, a promise which he has now fulfilled, albeit in a slightly expanded form than its original poker-only format. In the new version of the Bob Mensch (R- Montgomery) co-sponsored bill, there now appears a