Leading supplier of online gambling and sports betting software, Playtech (LON:PTEC), recently agreed to cover tax authorities at Israel €28m (roughly US$32 million) following a decade-long audit of its activities in the nation.
As stated by the Financial Times…
The London-headquartered company said in a January 2, 2019 trading update that in the next 30 days it’d pay €28m, to be included as an exceptional item in its own 2018 accounts, leading to a civil tax audit for the entirety of its activities in the Western Asian country between 2008 and 2017. The arrangement was reached with the Israeli tax authorities on December 31, 2018.
No penalties:
The provider said that “transfer pricing adjustments regarding certain functions” had been produced by Israeli law government, however the arrangement reached meant “no penalties must be levied as a consequence of the audit.
The FTSE 250 company allegedly cautioned investors in late December they because of tax hikes they estimated to be at €20-25 million, they’d reduce adjusted EBITDA for 2019. This was a consequence of the Italian government shifting the nation ’s gaming tax laws.
Shares drop:
The Financial Times reports that stocks in Playtech dropped 55 percent over 2018.
Quickspin growth:
Swedish online casino games programmer, Quickspin, a subsidiary of Playtech, declared in December it would be one of the first providers to have its own award-winning portfolio of games provided by operators on January 1, 2019, when the Scandinavian nation‘s re-regulated gaming market opens.
Slots in the Playtech Group company also went reside at Italy’s regulated marketplace with Pokerstars, a top online brand globally.
And for the very first time, they’re also reside at Poland as part of the Playtech Group’s casino tie-up with Totalizator Sportowy. The state-owned company owns the LOTTO brand and is the Central European state ’s largest operator.
ProgressPlay Chooses Groove Gambling Limited
James Packer resigns next Australian board position
