Good News and Obligations in the Fiscal Decree
Lowering of taxation for sportsbetting games, licenses for betting shops, dedicated bank account and further delays on the launch of live poker in the law of ratification of the so called Fiscal Decree.
A law just published on the Italian Official Gazette provides the following:
Sportsbetting Taxes: it has been removed the additional taxation for sportsbetting games if the payout is lower than 80% of the amount collected from players. Indeed, the previous regulations prescribed that under such scenario an additional tax equal to 20% of the gross difference accrued between the 80% threshold and the actual payout was due and for instance in 2011 for some operators the payout was 78% and therefore the additional tax was due.
Betting Shops: following the decision of the European Court of Justice on the Costa Cifone case, by 31 July 2012 a new procedure for the award of 2,000 betting shop licenses lasting until 30 June 2016 and awarded through an auction with starting price of € 11,000 will be launched but without any limitation in terms of territorial coverage.
Live Poker: the call for tenders for the award of live poker licenses has been postponed to 1 January 2013.
Dedicated Bank Account: licensed operators shall hold on dedicated bank accounts all the funds relating to expenses, economic obligations and financial proceeds relating to the games offered under the license. Based on the wording of the regulations such obligation operates in addition to the bank account dedicated to hold players’ funds.
There are some good news and relevant new obligations which might have an impact on operators. As usual if you want to discuss about it, feel free to contact me, Giulio Coraggio.
WRITTEN BY GIULIO CORAGGIO
IT, gaming, privacy and commercial lawyer at the leading law firm DLA Piper. You can contact me via email at email@example.com or firstname.lastname@example.org or via phone at +39 334 688 1147.