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UK Taxes Drive Away Online Casinos

The United Kingdom has not kept the impending online casino and gambling taxes that are beginning in September any secret from the internet and land-based gambling venues. But that doesn’t mean that all of the online casinos are ready for the hefty increase in gambling taxes. Rank is now numbered among the several other internet gambling companies that are considering moving operations offshore before September.

Basically, the new UK regulations and taxing structure will cut deeply into some of the medium sized online casinos and gambling companies. Rank is a successful company that has several popular online casino sites, and in particular for this move, Rank is looking in the effect the new legislation in the UK will have on its BlueSquare.com site. Currently the site is based out of the UK, but if Rank chooses to move the site outside of the UK the company could save upwards of $8 million.

Part of the huge concern from multiple online casinos centers on the now 15 percent gross profits tax. And then, add to that the fact that the companies have stricter regulations and security measures and a higher duty tax bracket for remote gambling profits, and many online casinos feel that a move to offshore locations could not only increase profits, but could be the difference between companies staying in business and being forced to close down operations altogether.

The CEO of Rank, Ian Burke, at the same time as the concerns over the UK’s new online casino gambling restrictions stresses that "it is something [Rank] would consider, but [the company] has not made a decision yet." He also notes though why Rank feels that the UK’s new regulations are less than feasible for Rank, we don't make super profits but it is a super tax. It will have an impact on how much investment we make in the UK and on the 17 new casino licenses the Government wants to award. The economics now means some may not go ahead.”