888 Confirms €8.7 Million Spanish Tax SettlementPayment of Back Tax Clears Way For 888 Spanish Licence on June 1 |
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Online gaming operator 888 today confirmed it would make a one-off payment to Spanish authorities to settle its back taxes from January 2099 to May 2011.
The payment – €7.4 million with surcharges and interest of up to €1.3 million – will come from 888’s €26 million in cash resources and should set the company up for obtaining a licence when the first trance are awarded on Friday.
In a statement 888 said, “Following this payment, 888 believes that it has fulfilled all requirements necessary to receive a Spanish eGaming licence, with awards set to begin at the start of June.”
The probability of receiving a licence was echoed by analyst Daniel Stewart & Co. which said, “…we expect 888 will be one of several operators receiving an eGaming licence from the newly regulated Spanish market on 1 June 2012 (Friday).
“The news should be well received by the market as Spanish derived revenues changes into regulated revenues and we expect the market to rate revenues accordingly.”
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