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US Online Casinos Still Struggling

The United Kingdom is still severely frustrating many of the UK based online casinos and land gambling groups because of double taxation laws in the country that have prevented many gambling groups from maintaining a needed profit in the market. When the recession hit, the online casino companies and especially gambling groups that maintained a presence in the land gambling and bingo markets have had a rough time paying the taxes and having enough revenue left over to appease shareholders and cover new developments and expansions. Rank Group in particular is really having a hard time coping with the double taxation and is one of the key companies pressing the UK government for new tax laws regarding companies actually operating out of the country.

The Rank Group is spearheading the efforts to work with the UK government on the new tax legislation that would sort out the ridiculous double taxation. The UK officials have already attempted to iron out the issues, but it seems they are only exacerbating the situation with confusing exclusions and new laws that really do not solve the given problem. The CEO at Rank Group, Ian Burke, has dubbed the UK regulations a “patchwork quilt” of regulations and rules particularly bad for domestic land and online casino gambling operators. The crux of the problem is that they UK Gambling Act was designed as a way to liberalize the market, not punish UK based operators as it has turned out.

Just this year the UK government has acknowledged the challenges that the current tax regulations afford and has announced that it is working on a solution. Rank Group is closely watching the developments and assessing how potential changes will make the company’s land and online casino bingo business more viable in the long run and allow the company some profit making potential.