Bwin.party Says 2015 Net Revenue, Cashflow To Take
EUR15 Million Hit - 30th January 2015
Digital Entertainment Markets
- Online gaming operator Bwin.party Digital Entertainment
PLC Friday said its net revenue and cashflow in 2015
will be reduced by around EUR15 million before "mitigating
actions", due to the new VAT rules came into
force across the EU at the beginning of the month.
has typically been exempt from VAT. However as of
January 1 under new EU law, member states have the
ability to apply VAT to gambling subject to certain
limitations and conditions, and therefore taxed depending
on where the company's customers are located.
substantial uncertainty remains, in the light of the
new rules the board now expects to file for and pay
VAT in certain EU Member States and that in 2015 total
net revenue and cashflow will be reduced by approximately
EUR15 million before any mitigating actions,"
Bwin.party said in a statement.
shares were trading 0.3% lower at 106.11 pence midday