Portugal set for imminent online gambling discussions
Draft law leaves Ministry of Economy as the country's parliament agrees for discussions to take place before 10 July recess
Portugal’s ruling parliament will discuss online gambling regulation before the current legislative sessions finishes next month following pressure from the EU troika.
The Portuguese government last week ‘flagged’ the issue, confirming its intent to discuss online gambling legislation before parliament breaks for recess on 10 July.
Previous efforts to regulate online gambling in the country have been hindered by political opposition to an open market, however the EU troika which funded the country’s bailout last year “ consisting of the European Union, International Monetary Fund and European Central Bank “ has recently put pressure of its own on the country to regulate the market to increase taxation revenue.
In October the country announced plans to regulate online gambling but did not commit to a final timetable, instead confirming the formation of a new working group to collaborate with Portugal’s online gambling market and the European Union.
The draft Bill has now left Portugal’s Ministry of Economy and has proposed a tax rate of between 15 and 20% of gross gaming revenue, however there are believed to be differences in opinion regarding the licensing structure.
Currently the country’s only regulated operator is Santa Casa da Misericórdia de Lisboa, a betting and lottery operator that invests approximately 28% of its GGR into charitable causes.
Last week Betfair CFO Alexander Gersh, discussing the firm’s FY14 results, noted “significant regulatory uncertainty” in some European markets, referencing Portugal in particular, as having the potential to impact revenues in the forthcoming year.