Gibraltar was previously a tax haven for online gambling companies, offering affordable tax schemes to operators looking for a bit of financial relief. Over the years, many regulated markets across the world have lost their biggest online casino operators to Gibraltar, but the country is now raising its tax regulations.
Previously, Gibraltar only required a 1% tax on all online gambling operators. Now, it has proposed that online casinos must pay 10% on all gross profits. Initially, the announcement of a tax hike had online gambling operators worried, but a 10% tax is still far lower than any other markets across the UK.
Victor Chandler, owner of the popular UK sportsbook of the same name, believes that the new tax regulations will have little to no impact on the online gambling industry. Companies like William Hill and Ladbrokes, who have recently relocated to the country, are still paying far less than they were when they were based in the UK.
It is only fair that Gibraltar increases its tax rates for online casino operators. With dozens more operators moving to the location, the costs of regulating its industry increase as well. And, with countries like France and the UK charging upwards of 20% for online gambling websites Gibraltar still seems like a reasonable alternative for online casinos.
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