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High Taxes Endanger Online Casino

The Netherlands currently operates land-based and online casinos through a government approved monopoly. Holland Casino is the only land-based casino in the country, and announced plans months ago that preparations are underway to launch an online casino site affiliated with the land-based monopoly. But all of those future plans could be for naught if the Dutch government passes through a proposal that would dramatically increase the state gaming tax – more than doubling what the company currently pays.

Holland Casino announced that the company had already green-lighted a project that would use Cryptologic’s award winning online casino software and gaming platform to launch a government approved internet gambling site. The Dutch cabinet is responsible for the proposed tax increase, and though Holland Casino is already preparing for the worst, Parliament has yet to even weigh in on the subject, let alone approve the more than double increase in taxes.

Holland Casino currently reports roughly Euro 80 to 90 million in profits – and that is before the launch of the online casinos gambling site. The launch of a Cryptologic based Web site will certainly generate profits for the company, but they fear that the tax increase is so severe that it could make the company’s value “evaporate.”

The current tax proposal that is causing all of this concern within the Holland land-based and online casino would raise taxes from the current 16 percent added tax on slot machines to a 40.85 percent gaming tax.