Taxation &amp; Fees

Annual fee reported ~EUR 400,000

Materially raises break-even threshold in a small market.

SRC-HR-006

Betting taxed on turnover/stake

Commercially punitive at high payout ratios.

SRC-HR-002

Reserve requirement to cover winnings

Locks up capital.

SRC-HR-006

🇲🇴 Macau SAR (Macau Special Administrative Region, China)High

Spec/source fee conflict

Diligence needed on true cost.

SRC-HR-006

🇨🇾 CyprusHigh

Insufficient EUR 550k bank guarantee

Mandatory licence condition; application fails without it.

SRC-CY-006

🇨🇾 CyprusHigh

Below EUR 500k paid-up capital

Statutory minimum; bars eligibility.

SRC-CY-006

🇨🇾 CyprusHigh

Misreporting net revenue for 10% betting tax

Tax-evasion exposure; NBA collects and remits to Consolidated Fund.

SRC-CY-001

🇨🇿 Czech RepublicHigh

Modelling on 23% GGR (stale spec figure)

Most products now taxed at 30% GGR, casino/technical/lottery at 35% — materially higher effective burden.

SRC-CZ-004

🇨🇿 Czech RepublicHigh

Underestimating security deposit

CZK 30-50m deposit per game type required up front with proof of origin.

SRC-CZ-011

🇨🇿 Czech RepublicHigh

Multiple game types compounding deposits

Deposit is per game type, multiplying capital needs for multi-vertical offerings.

SRC-CZ-011

Delaware — StateHigh

~50% effective state take on sports

Margins are structurally thin; the lone operator hands over half of revenue.

SRC-US-DE-017

Delaware — StateHigh

~57% effective state take on iGaming slots

Highest effective state take in the US for iGaming.

SRC-US-DE-010

🇩🇰 DenmarkHigh

Failure to register and pay gambling duty in DKK

Tax Agency registration and DKK-denominated duty mandatory.

SRC-DK-010

🇪🇨 EcuadorHigh

USD 307,850 annual licence cost

High fixed barrier against a small market.

SRC-EC-006

🇪🇨 EcuadorHigh

15% GGR tax + 15% withholding + 15% IVA

Stacked tax burden materially compresses margins.

SRC-EC-001

🇫🇮 FinlandHigh

22% GGR tax

Material headwind on unit economics; up from 12%.

SRC-FI-008

🇫🇷 FranceHigh

Underestimating effective tax burden

GGR + social charges among heaviest in Europe; 15% from July 2025.

SRC-FR-007

🇫🇷 FranceHigh

Underestimating effective tax burden

GGR + social charges among heaviest in Europe; 15% from July 2025.

SRC-FR-007

🇫🇷 FranceHigh

Underestimating effective tax burden

GGR + social charges among heaviest in Europe; 15% from July 2025.

SRC-FR-007

🇩🇪 GermanyHigh

€5m security deposit

High capital lock-up barrier to entry.

SRC-DE-009

🇬🇭 GhanaHigh

20% GGR tax on operator revenue

Materially compresses operator margins.

SRC-GH-004

🇬🇧 Great BritainHigh

Statutory levy non-payment

Non-payment is a licence requirement breach risking revocation.

SRC-GB-005

🇬🇷 GreeceHigh

35% GGR tax (30% horse racing)

Far above MT/EE/CY ~5%; compresses margins.

SRC-GR-003

🇬🇷 GreeceHigh

EUR 2-3m licence fee

High upfront capital barrier.

SRC-GR-005

Hong Kong SARHigh

Horse racing duty up to 75%, football 50%

Even within the monopoly, fiscal extraction is among the highest globally.

SRC-CN-HK-002

🇭🇺 HungaryHigh

HUF 1bn capital + HUF 600m licence fee

High fixed entry cost limits the market to well-capitalised operators.

SRC-HU-007 SRC-HU-013

🇭🇺 HungaryHigh

30% casino GGR sliding scale

Steep effective burden on casino verticals.

SRC-HU-013

Illinois — StateHigh

Per-wager fee $0.25/$0.50

Layered on top of GGR tax; penalises high-volume low-stake models.

SRC-US-IL-008

Illinois — StateHigh

Chicago 10.25% municipal levy

Stacks on state tax; litigation ongoing over municipal power.

SRC-US-IL-011

Indiana — StateHigh

Underreporting adjusted gross revenue

9.5% GGR tax obligations; misreporting risks penalties.

SRC-US-IN-007

🇮🇲 Isle of ManHigh

Misreporting GGY in duty returns

Duty is GGY-based and audited quarterly.

SRC-IM-014

🇮🇲 Isle of ManHigh

Misreporting GGY in duty returns

Duty is GGY-based and audited quarterly.

SRC-IM-014

🇮🇲 Isle of ManHigh

Misreporting GGY in duty returns

Duty is GGY-based and audited quarterly.

SRC-IM-014

🇮🇹 ItalyHigh

Underestimating €7m per-vertical concession cost

Per vertical/brand fee compounds rapidly across products.

SRC-IT-006

🇮🇹 ItalyHigh

Modelling margins without 24.5%/25.5% GGR tax + 3% fee

Combined burden materially compresses net margin.

SRC-IT-007

🇰🇿 KazakhstanHigh

Failing to account for 25% CIT from 2026

Material P&L impact and tax-compliance exposure.

SRC-KZ-008

🇰🇪 KenyaHigh

Highly volatile excise duty (12.5%→15%→5%)

P&L modelling unstable; rate changes within months.

SRC-KE-004

🇰🇪 KenyaHigh

Multiple overlapping gambling taxes (betting tax + excise + WHT)

High cumulative burden compresses margins.

SRC-KE-009

🇱🇹 LithuaniaHigh

GGR tax raised to 22% from 2025

Compresses margins for online operators.

SRC-LT-006

Macao SARHigh

Underestimating ~40% effective GGR tax burden

Special gaming tax 35% plus mandatory contributions materially compress operating margins.

SRC-CN-MO-007

~40% effective GGR tax

Among highest gambling tax burdens globally

SRC-MO-006

Maryland — StateHigh

Mobile tax raised to 20% in June 2025

Margin compression for mobile operators; baseline spec's 15% figure is stale.

SRC-US-MD-003

Massachusetts — StateHigh

Pending S 302 tax increase to 51%

Would materially erode B2C economics if enacted.

SRC-US-MA-007

🇲🇽 MexicoHigh

Contested IEPS base (turnover vs GGR)

Material to whether market remains economically viable.

SRC-MX-008

🇲🇽 MexicoHigh

Stacking of IEPS + ISR + state taxes

Cumulative burden among highest in LatAm.

SRC-MX-015

Michigan — StateHigh

Mis-reporting AGR tier

Graduated 20-28% tax requires accurate tier reporting.

SRC-US-MI-005

🇲🇦 MoroccoHigh

32% tax-at-source on offshore winnings

Erodes player net returns and operator value proposition.

SRC-MA-004

🇲🇿 MozambiqueHigh

Special Gambling Tax up to 35% of GGR

High effective burden when stacked with IRPC.

SRC-MZ-004

🇳🇱 NetherlandsHigh

GGR tax at 37.8% from January 2026

Among the highest in Europe; compresses margins and harms channelisation.

SRC-NL-003

New Jersey — StateHigh

Online tax rose to 19.75% on 2025-07-01

Materially compresses operator margins versus pre-July 2025 modelling.

SRC-NJ-003

New York — StateHigh

$25M skin application fee

Extreme capital barrier to entry.

SRC-NY-010

New York — StateHigh

$500M+ commercial casino licence fee

Only invitation-pool bidders can realistically participate.

SRC-NY-010

North Carolina — StateHigh

Proposed tax-rate increase to as high as 36%

Doubling the GWR tax would materially compress operator margins and promotional budgets.

SRC-US-NC-010

North Carolina — StateHigh

Possible per-bet fee (Illinois-style) under discussion

Per-bet fees stack on GWR tax and hit high-volume low-margin operators hardest.

SRC-US-NC-009

Pennsylvania — StateHigh

54% online slot GGR tax

Highest US slot tax compresses slots margins structurally.

SRC-US-PA-005

Pennsylvania — StateHigh

36% online sports wagering GGR tax

Second-highest US sports tax narrows operator economics.

SRC-US-PA-005

🇵🇪 PeruHigh

Guarantee not posted

~USD 235k SBS-supervised guarantee is a precondition for authorisation.

SRC-PE-007

🇵🇪 PeruHigh

ISC non-compliance from July 2025

1% per-bet ISC requires platform recertification (8–12 months); non-compliance risk.

SRC-PE-007

🇵🇱 PolandHigh

Modelling betting margins on a GGR assumption

Tax is 12% of turnover, not GGR — effective burden much higher

SRC-PL-006

Rhode Island — StateHigh

51% online sports state take

Deterred bidders per Lottery deputy director.

SRC-US-RI-006

🇷🇴 RomaniaHigh

Online GGR tax raised to 27%/30% post-2025 reform

Sharply erodes operator margins and may drive players offshore.

SRC-RO-005

🇷🇴 RomaniaHigh

EUR 2–5m online guarantee fund (from Jan 2025)

High capital barrier to entry.

SRC-RO-004

🇷🇺 RussiaHigh

Proposed 5% stake tax + 25% corporate rate

Effective burden among highest globally

SRC-RU-002

🇷🇼 RwandaHigh

40% GGR operator tax

Among the highest GGR rates in Sub-Saharan Africa; severely compresses operator margins.

SRC-RW-006

🇷🇼 RwandaHigh

25% player-winnings withholding tax

Reduces payout attractiveness and may push high-value players to unlicensed channels.

SRC-RW-006

🇸🇳 SenegalHigh

20% winnings tax (Law 17/2025)

Reduces player value and may push activity offshore.

SRC-SN-006

🇸🇰 SlovakiaHigh

22-27% GGR tax with 30% harmonisation proposal

Erodes margins and channelisation; offshore leakage risk.

SRC-SK-006

🇸🇰 SlovakiaHigh

Entry cost up to EUR 1.1m

High capital intensity deters smaller operators.

SRC-SK-008

🇨🇭 SwitzerlandHigh

High GGR

Progressive online tax rises toward 80% at high GGR.

SRC-CH-013

🇹🇿 TanzaniaHigh

~25% GGR betting tax

Compresses margins on the dominant vertical.

SRC-TZ-008

Tennessee — StateHigh

Operating with GGR-basis profitability assumptions

Tennessee taxes 1.85% of handle, not GGR; low-hold operators face effective GGR burden over 30%.

SRC-US-TN-001

Tennessee — StateHigh

Assuming promotional deductibility

2023 reform eliminated promotional deductions; bonuses bear full handle tax.

SRC-US-TN-007

🇺🇬 UgandaHigh

Proposed harmonised 30% GGR tax effective 1 July 2026

Betting margins compress materially if rate rises from 20% to 30%.

SRC-UG-005

🇺🇬 UgandaHigh

15% WHT on net player winnings proposed

Reduces player value and may drive channel shift to offshore.

SRC-UG-007

🇦🇪 United Arab Emirates — federal jurisdiction (nascent GCGRA framework)High

Unknown effective tax burden

No published GGR tax rate — effective P&L cannot be modelled.

SRC-AE-009

🇺🇸 United States (Federal Layer)High

Underestimating extreme state tax rates

NY 51% sports and PA 36% rates are margin killers.

SRC-US-009

🇺🇾 UruguayHigh

High land-based capital threshold

Concessions require investment exceeding the Conrad/Enjoy benchmark (USD 450m Cipriani bid).

SRC-UY-012

Virginia — StateHigh

Misapplying AGR deductions

Incorrect deduction treatment risks tax-evasion exposure.

SRC-US-VA-005

West Virginia — StateHigh

HB 4397/4398 propose 25% online gaming tax

Would raise iGaming tax 66.67% and sports wagering 150%, eroding WV's low-tax advantage.

SRC-US-WV-007

🇿🇲 ZambiaHigh

Constitutional Court upheld levy

Removes the prospect of judicial relief from the stake tax.

SRC-ZM-006

Alberta — Canada (province)Medium

Modelling 20% as a simple line item

The 3% GGR pre-deduction means effective economics differ from a flat 20%.

SRC-CA-AB-003

🇦🇷 ArgentinaMedium

Assuming the federal tax registry is operational

As of 2024 the AFIP registry is not yet operational.

SRC-AR-005

Arizona — StateMedium

Misapplying promo deduction cap

Free-bet deductions are capped at 10% of revenue.

SRC-US-AZ-007

Arizona — StateMedium

Applying uniform rate

Online (10%) and retail (8%) rates differ.

SRC-US-AZ-007

🇦🇺 AustraliaMedium

Ignoring per-state POC variation

Eight different state/territory regimes with differing thresholds.

SRC-AU-004

🇦🇺 AustraliaMedium

Ignoring POC rate hikes

NSW/VIC raised to 15%; further hikes speculated.

SRC-AU-014

🇦🇹 AustriaMedium

Betting stake duty doubled to 5%

Provincial betting margins compressed.

SRC-AT-005

🇧🇪 BelgiumMedium

Non-deductible regional gaming taxes

Since 2024 regional taxes not deductible.

SRC-BE-006

🇧🇪 BelgiumMedium

Regional tax fragmentation

11%/15% and tiered casino rates by region.

SRC-BE-006

🇧🇷 BrazilMedium

BRL 5m guarantee reserve

Locked liquidity requirement.

SRC-BR-002

🇧🇷 BrazilMedium

~34% corporate IRPJ/CSLL on top of 12% GGR

Compounded effective burden.

SRC-BR-010

🇧🇬 BulgariaMedium

Under-budgeting BGN 400,000 one-off fee

Raised January 2024.

SRC-BG-006

🇧🇬 BulgariaMedium

Assuming cost deductibility

GGR base bars deductions.

SRC-BG-008

🇨🇲 CameroonMedium

GGR / gross-win tax stacking

15% GGR plus 25% gross-win tax for non-machine games raises effective burden.

SRC-CM-003 SRC-CM-008

Canada — OntarioMedium

Underestimating iGO revenue-share burden

~20% effective revenue share materially affects P&L.

SRC-CA-ON-011

🇨🇱 ChileMedium

VAT applies to foreign-based online operators

19% VAT plus 20% GGR raises effective burden.

SRC-CL-015

🇨🇱 ChileMedium

VAT applies to foreign-based online operators

19% VAT plus 20% GGR raises effective burden.

SRC-CL-015

🇨🇱 ChileMedium

VAT applies to foreign-based online operators

19% VAT plus 20% GGR raises effective burden.

SRC-CL-015

Bonus/promotional VAT differential thresholds

Bonus strategy directly affects tax exposure.

SRC-CO-012

High fixed annual fee (~USD 196,830) regardless of revenue

Punitive on smaller operators in a high-tax regime.

SRC-CO-003

Multiple stacked guarantees (~EUR 865k combined)

Significant capital tie-up at entry.

SRC-CO-003

🇲🇴 Macau SAR (Macau Special Administrative Region, China)Medium

Corporate income tax 35% on top of gaming taxes

High aggregate fiscal burden.

SRC-CO-008

Colorado — StateMedium

Misunderstanding net proceeds basis

Tax is on net proceeds after winnings and federal excise — basis errors mislead P&L.

SRC-US-CO-001

Connecticut — StateMedium

Casino tax increase to 20% Oct 2026

Margin compression for the two iGaming operators.

SRC-US-CT-013

🇨🇷 Costa RicaMedium

Assuming all income is tax-exempt

Only offshore income is exempt; CR-sourced income is taxed and 13% IVA may apply.

SRC-CR-004

🇭🇷 CroatiaMedium

High top winnings-tax rate 30%

May deter high-value players.

SRC-HR-002

🇨🇼 CuraçaoMedium

Assuming legacy flat-fee tax under new regime

Profit-tax / Pillar Two obligations differ; mis-budgeting risk.

SRC-CW-010

🇨🇼 CuraçaoMedium

MNE group above EUR 750m ignoring Pillar Two

15% global minimum tax applies from 1 Jan 2025.

SRC-CW-010

🇨🇾 CyprusMedium

Ignoring 3% NBA contribution + 5% levy

Additional statutory levies beyond headline betting tax.

SRC-CY-009

🇨🇿 Czech RepublicMedium

Mis-timing quarterly gambling-tax filing

Returns due within 25 days of quarter end; Financial Administration audits aggressively.

SRC-CZ-004

🇩🇰 DenmarkMedium

Treating land-based casino at online rate

Land-based 45-75% sliding scale, not 28%.

SRC-DK-004

🇩🇴 Dominican RepublicMedium

Unconfirmed online GGR tax rate

P&L modelling uncertain pending DCJA confirmation.

SRC-DO-008

🇩🇴 Dominican RepublicMedium

High online licence fee (~USD 346k casino)

Capital barrier to entry for smaller operators.

SRC-DO-003

🇪🇪 EstoniaMedium

Tax rate moved 5%→6% then toward 4%

Forecasting GGR P&L is destabilised by frequent rate changes.

SRC-EE-003

🇪🇪 EstoniaMedium

Drafting error temporarily removed online casino tax

Legislative instability creates retroactive-correction risk.

SRC-EE-007

🇪🇪 EstoniaMedium

MoF budget-gap warnings on rate cut

Possible reversal/adjustment of planned cuts.

SRC-EE-005

🇫🇮 FinlandMedium

Annual supervisory fee up to EUR 434,000

Large fixed cost for high-GGR operators.

SRC-FI-007

🇫🇮 FinlandMedium

Player taxation of unlicensed winnings

Complex 'made playable' test; aggressive FTA stance possible.

SRC-FI-006

🇫🇷 FranceMedium

Stake/turnover assumptions

Vertical-specific bases differ; high effective burden.

SRC-FR-007

🇫🇷 FranceMedium

Stake/turnover assumptions

Vertical-specific bases differ; high effective burden.

SRC-FR-007

🇫🇷 FranceMedium

Stake/turnover assumptions

Vertical-specific bases differ; high effective burden.

SRC-FR-007

🇩🇪 GermanyMedium

Land-based casino tax 20-80%

Very high state-level casino taxation.

SRC-DE-008

🇬🇭 GhanaMedium

Possible reintroduction of betting taxes in future budgets

Tax volatility risk after 2025 abolition.

SRC-GH-008

🇬🇭 GhanaMedium

25% corporate income tax in addition to GGR tax

Compound tax burden.

SRC-GH-004

🇬🇮 GibraltarMedium

Budgeting old fee bands

Annual fees rose to c.£100k (B2C)/£85k (B2B).

SRC-GI-010

🇬🇮 GibraltarMedium

Budgeting old fee bands

Annual fees rose to c.£100k (B2C)/£85k (B2B).

SRC-GI-010

🇬🇮 GibraltarMedium

Budgeting old fee bands

Annual fees rose to c.£100k (B2C)/£85k (B2B).

SRC-GI-010

🇬🇷 GreeceMedium

EUR 500k guarantee

Additional locked capital.

SRC-GR-008

🇬🇷 GreeceMedium

Player winnings withholding tax

Reduces player net returns/competitiveness.

SRC-GR-018

🇭🇰 Hong Kong SARMedium

Assuming a GGR-tax entry model

No GGR-tax framework for private operators; only HKJC duty exists

SRC-HK-004

🇭🇺 HungaryMedium

Extra 15% online-over-physical casino tax

Section 35 surcharge penalises online-heavy casino mix.

SRC-HU-013

Illinois — StateMedium

Cook County 2% tax

Additional layer for Chicago-area operators.

SRC-US-IL-008

Illinois — StateMedium

No bonus-deduction relief modelled

Tax on adjusted gross receipts limits promotional deductibility upside.

SRC-US-IL-002

🇮🇳 IndiaMedium

TDS 194BA 30% on net winnings

Player-level withholding above INR 10,000.

SRC-IN-002

🇮🇪 IrelandMedium

Mispricing for unconfirmed online casino tax

Gaming tax rate not yet set; financial modelling risk.

SRC-IE-007

🇮🇪 IrelandMedium

Non-payment of Social Impact Fund levy

Annual contribution mandatory for commercial licence holders.

SRC-IE-005

🇮🇹 ItalyMedium

Ignoring 3% Digital Services Tax for intermediary platforms

DST applies to platforms not bearing betting risk (TLP 6/2025).

SRC-IT-010

🇯🇵 JapanMedium

Underestimating IR effective tax burden

30% GGR tax plus 10% consumption tax makes Japan one of the highest-taxed casino markets.

SRC-JP-002

🇰🇿 KazakhstanMedium

Failing to maintain separate tax accounting

Different CIT rates require separate accounting per activity.

SRC-KZ-014

🇰🇿 KazakhstanMedium

Underestimating VAT at 16%

Standard VAT rose to 16% from January 2026.

SRC-KZ-012

🇰🇪 KenyaMedium

20% withholding tax on winnings (historic)

Depresses player payouts and retention.

SRC-KE-003

🇰🇪 KenyaMedium

Deposit/withdrawal-based excise capture

Players can be taxed without betting; may push to unlicensed market.

SRC-KE-004

🇰🇪 KenyaMedium

Opaque/unpublished licence-fee schedule

Capital planning impeded by absence of published fees.

SRC-KE-010

🇱🇻 LatviaMedium

Interactive GGR tax raised to 15% from Jan 2026

Compresses margins; brought forward 12 months.

SRC-LV-006

🇱🇻 LatviaMedium

High one-time/annual licence fees

Adds to entry cost in a small market.

SRC-LV-003

🇱🇻 LatviaMedium

Two tax rises in two years

Fiscal unpredictability undermines planning.

SRC-LV-008

🇱🇹 LithuaniaMedium

EUR 500k one-off remote licence fee

High upfront cost relative to small market.

SRC-LT-004

Large investment commitments

~MOP118.87bn contractual investment over term

SRC-MO-011

🇲🇹 MaltaMedium

Compliance contribution caps up to €600k

High fixed ongoing cost for high-revenue operators.

SRC-MT-006

🇲🇹 MaltaMedium

Land-based gaming levy up to 30%

High device levy for land-based Type 1/2.

SRC-MT-007

🇲🇹 MaltaMedium

VAT status varies by gambling sub-service

Carve-out complexity requires per-service analysis.

SRC-MT-002

Maryland — StateMedium

$500k application + $100k annual mobile fee

High capital barrier limits entry to established players.

SRC-US-MD-001

🇲🇽 MexicoMedium

Opaque fee schedule

Cost-to-enter uncertainty.

SRC-MX-010

🇲🇿 MozambiqueMedium

Concession-length-dependent tax rate

Effective rate varies materially by concession terms.

SRC-MZ-004

🇳🇵 NepalMedium

Casino payout without source windfall-tax deduction

Mandatory deduction-at-source under 12-point directive.

SRC-NP-004

New Brunswick (Canada)Medium

Modelling operator GGR tax

No commercial operator tax regime exists.

SRC-CA-NB-010

New Jersey — StateMedium

High fixed fees

$400k licence + $250k renewal + $250k compulsive-gambling fund.

SRC-NJ-004

🇳🇿 New ZealandMedium

Ignoring GST margin-method treatment of gambling supplies

GST 15% applies via turnover-minus-prizes; mis-modelling distorts P&L.

SRC-NZ-010

Underestimating NGN fee burden due to currency conversion

NGN volatility makes EUR-budgeted figures unreliable

SRC-NG-004

Charging VAT on player stakes after 2026-01-01

Tax Act 2025 s.185(m) exempts stakes

SRC-NG-006

Missing FSGRN 2026 fee onset after 2025 waiver

NGN 100m/category/year begins 2026

SRC-NG-005

Not provisioning FSGRN 11% GGR levy

11% Good Causes levy from 2026

SRC-NG-007