Point Of Consumption Tax Issues

27 July 2013 – By Huseyin Yilmaz

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One of the giants in the European online casino market, William Hill, recently posted an 8 percent rise in operating profit for the first half of the year, as well as a revenues increase of 20percent. Despite these figures, the UK bookmaker is to consider legal action against a proposed new online tax. The new tax is known as the point of consumption tax and will cut 15percent from all online gaming profits from the end of next year, according to analysts from the market. This first half of the year, William Hill’s online revenues grew 18percent, while mobile betting figures jumped by an impressive 112percent. The firm’s online business experienced significant growth and with a large part of these profits coming from online gaming sources, the British operator is keen to fight the new point of consumption tax, which would greatly impact any future online profit figures.

William Hill’s chief executive said the government needs to get real on regulation as working class people have less cash than before and do not want to spend all their money entertaining with their favorite online casino games. Meanwhile, in collaboration with FootballTips.com, a website specialized in betting tips and previews, William Hill will launch a free bet offer for new customers ahead of the 2013-2014 UK football season. Using this special offer, all football fans that open a new William Hill account will be entitled to a £ 25 free bet. In order to gain access to the offer, when opening an account, customers must input the promotional code “MAXCASH”.

Last week, the UK land and online gambling giant William Hill plc reported group net revenue up 20 percent to £ 751.6 million, with retail net revenue contributing £ 463.6 million and overall operating profit up eight percent to £ 181.4 million. All these figures are interim results for the 26 weeks ended 2 July 2013, comparing them with the first 26 weeks in 2012. The online casino industry shifts to mobile gaming and this is an important development as the company reported almost 200 percent growth in mobile gaming net revenue in the first half.

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