Portugal's online gambling framework enters into law
New regime comes into force on 29 June and opens up the market to foreign operators
Portugal’s new online gambling regime will go live in less than two months’ time after the government yesterday published details of the framework in its Official Gazette.
The regime, which opens up current monopoly Santa Casa de la Misericordia to outside competition, is set to commence 60 days from entering into law and therefore is expected to come into force on 29 June.
Despite industry pressure, the country’s tax regime will remain as previously set out with gaming to be levied at 15-30% of revenues while sports betting will be taxed at 8% of turnover up to 30m a year, and ramped up to 16% thereafter.
The government said it expects to collect approximately 25m per year in tax, but some observers believe the tax regime may price some operators out of the market and lead to a shortfall in tax receipts.
Earlier this year accountancy firm PricewaterhouseCooper said the turnover-based sports betting tax would cost the government 20m by 2018.
Portugal first announced plans to develop a liberalised online gaming framework in 2011 with early estimates suggesting the market could generate around 250m in revenues per year.