32Red, the Gibraltar-based gambling operator, is now planning to expand internationally following their criticism of the planned point of consumption tax that’s recently been laid out by the UK government.
The company’s Chief Executive Officer, Ed Ware, has mentioned Spain, Germany, the US, and the Netherlands as potential countries on their agenda, and admits their current “favourite to kick-off with” is Holland, as the country is due to carry out measures to further regulate its markets. He also says that 32Red’s currently exploring opportunities with interested parties to replace their current sports-betting provider, Betdaq, and an announcement regarding their chosen supplier is due in the fourth quarter.
Following the announcement of 32Red’s strong first half performance (with a 34% rise in new players) earlier this month, Mr. Ware criticised the government’s planned implementation of a 15% point of consumption tax, saying that it would encourage the growth of a black market and is also likely to be ineffective in raising taxes as gambling operators are likely to reduce their budgets in order to replace their potential loss in profits.
32Red is a member of the Gibraltar Betting and Gaming Association (along with 22 other operators) and is currently engaging with the Treasury and Department for Culture, Media, and Sport regarding the proposed tax.