bwin.party's Shares Slump Due To German Tax Proposalbwin.party Fights Back On News of German Tax Proposal |
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It’s only been a few days since bwin Interactive Holdings and Party Gaming plc officially came together and started trading on the London stock exchange, but pulses have already been set racing at the newly merged bwin.party due to a proposed new betting tax regime in Germany.
According to the Financial Times, it has been proposed that Germany’s state betting monopoly should be opened up to private companies who will be allowed to bid on seven national betting licenses. The companies will then have to pay a 16.7 percent tax on gross profits. Plus online poker and casino operators will have to hold an existing land-based license.
According to the Guardian, bwin.party’s shares slumped by 16 percent on the news of the proposed regime, losing 31.5p to 166.40.
The company is hopeful that the government will comply with European law and implement a commercially viable licensing regime.
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