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UK Taxes Take a Toll

Although the UK has much more liberal online casino legislation than the country did prior to the 2005 Gambling Act which took effect September 2007, the Gambling Act did usher in a new wave of gambling related taxes. The new taxes were felt by land-based and online casinos located all throughout the UK, but companies still recovering from previous UK legislation have had a hard time recovering. And as companies begin to report troubled financial situations, many analysts are predicting an increase in company buy-outs and acquisitions is in the near future.

Two online casino and land-based gambling companies reported that the new tax structure has drained company profits that were already shaky due to legislation that banned smoking at the land casinos. Rank plc reports indicate that the company is still recovering from the loss of slot machine revenue because of a mandatory removal of the machines from the Rank group’s casinos. Rank operates both land and online casinos, and new regulations within each sector of the industry have led to speculation that Rank has or will receive offers from several prominent gambling related companies.

And though Harrah’s Entertainment has a only a small foothold in the land-based and online casino industry in the UK, even Harrah’s announced that the tax legislation in the UK has put a significant dent in the company’s financial solvency.

The online casinos and land gambling industry are in a huge state of flux right now because so many countries are just beginning to really regulate the industry and corral what was once an essential free-for-all in some countries because the pastime is so new.