William Hill Pulls Out Of Czech Republic Due To New Gambling Legislation
William Hill has pulled out of the Czech Republic as new gambling legislation comes into play. As of January 01 2017 stricter regulations are in place which include requirements of having an official seat in the EU or economic Area country and holding a minimum of €2 million in equity.
Other regulations include a new 23% tax rate of gross Gaming revenues for lotteries and sports betting, 35% for RNG casino games in addition to a standard 19% corporate tax rate.
Players of William Hill have been told to withdraw any remaining funds they have in their accounts as their services will no longer be available in the Czech Republic.
The new gambling laws were approved by President Milos Zeman last summer wand bring the country’s gambling laws in line with the EU regulations.
Due to the stricter gambling requirements, there are less than a dozen online sports betting and card game licenses which include Sazka, Synot Tip and Fortuna Entertainment.
As part of the enforcement of the new regulations the Czech government is requiring internet service providers to block all domains on gambling sites that do not hold a license.
Willian Hill plans on pursing a Czech licence and in an email to Czech affiliates stated that they are confident they would “ have the opportunity to work together in the future