888 Holdings threatens leaving German iGaming market

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888 Holdings could pull out of the German market after the iGaming operator lost two thirds of its 2017 profits from a hefty tax bill.

 

A potential VAT bill of $45.3m relating to activity in Germany before 2015 was added to the company’s 2017 end-of-year results as an exceptional charge, along with a $5.5m fine from the UK’s Gambling Commission for failing to protect vulnerable customers.

As a result, profit before tax was down to $18.8m from $59.2m in 2016.

“Following a recent ruling by the Federal Administrative Court of Germany, the Board of 888, together with the Group’s legal counsel, is assessing the status and breadth of its offerings in the German market,” the firm warned in a statement.


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