Czech Republic Opens Door To Foreign Gambling Brands
Published on by Becky Mosley
The Czech Republic will welcome foreign online gambling brands for the first time from January 2017 according to new legislation.
New Tax Regulations
Earlier this week, the Czech Republic’s parliament approved new tax regulations that will hopefully replace legislation written in 1990, depending on the approval of President Miloš Zeman. It’s thought that President Zeman will sign the legislation within six to eight weeks.The new regulations requires online sports betting to be taxes 23% of gross win, though 25% was the original rate put forward by the minister of finance Andrej Babis. The lower figure has been described as a ‘win for the gambling lobby’ by Babis. Meanwhile, online slots will be subject to a 35% tax.
Foreign Interest
Many operators have shown interest in gaining a Czech Republic license, which was previously available to retailers inside the country only, including Paddy Power Betfair.A Paddy Power Betfair representative told reporters that the operator is seriously considering entering the Czech Republic’s market once the regulations are in place.“Whilst recent developments have been encouraging,” the spokesperson said. “The regulation is yet to reach the final approval stage; if and when it does we will review our position and decide on next steps, including possible market entry.”