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Companies currently located physically in the autonomous economic zones of Ceuta and Melila will continue to be taxed at 10% of gross gaming revenue for all forms of online gambling. The new budget is good news for Spanish online gambling operators, with analysts already predicting the market alone could hit $1.22 billion to $1.84 billion in the coming three to five years. Even before the budget announcement, Ficom Leisure, a consulting agency, had told AFP in April that Spain was “on the radar of the international market”, with its online gambling operations poised to quickly turn into a billion-dollar business. Ficom based its analysis on the growth in gross casino revenues, including online and sports betting revenues, for 2017, which topped $686 million. According to Ficom, unlike most other major European markets, which have quickly headed to near saturation and http://casinobingomie.intelelectrical.com are increasing regulation to deter offshore operators, Spain still has significant room for growth and is looking to http://gopokernp6fq.wpfreeblogs.com create conditions amenable to encouraging offshore operators to pick up Spanish gambling licenses. Jacob Lopez Curciel, Chief Executive of Optima, a sports betting and http://bingoe6k.canada-blogs.com gaming company, agreed with Ficom’s assessment, cautioning, when speaking to reporters two months ago, that the only potential obstacle to stellar market growth in Spain would be the government’s penchant for ever greater regulation. Things since then, however, seem to have taken a turn for the better. Obviously, the news of a significant tax reduction will come as a welcome surprise for operators across Spain eager to boost their bottom line. A decrease in gross gaming revenue tax will also allow sports betting operators, which is already a low margin business, to offer even better odds to punters while boosting their own bottom line, effectively enhancing the competitiveness of Spain’s sports betting market in relation to Europe and the rest of the world. The tax reduction itself, which was initially proposed by legislators last April, is intended to make Spain’s online gambling market that much more attractive to foreign and offshore operators who http://casinobingo3gy.basinperlite.com have yet to acquire a Spanish gambling license. With sports betting now effectively legal in the United States, after the U.S.
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