Pinnacle to withdraw from Polish market
Low-margin operator put off by incoming 12% tax on sports betting turnover
Pinnacle has confirmed plans to withdraw from Poland, following the country’s changes to its sports betting tax structure.
In December the Polish parliament approved the latest version of the country’s Gambling Act, calling for an open licensing regime on sports betting, but with a hefty 12% tax on turnover.
The Remote Gambling Association (RGA) has previously called the tax rate “unworkable”.
Pinnacle would appear to agree with the RGA after the low-margin operator informed affiliates yesterday it will be withdrawing from the market on 1 April.
A Pinnacle spokesperson, Harry Lang, told EGR Intel: “In December 2016 the Polish parliament passed an amended version of its gambling law after the draft was approved by the Senate.
“As a result, all Polish player accounts at Pinnacle will be made inactive on 1 April and any remaining funds will be promptly returned to customers.”
The withdrawal is understood to be unrelated to Pinnacle’s UK licence application which is said to be close to submission.