Sportingbet settles €17.2m Spanish tax bill

ONLINE BETTING company Sportingbet has settled a €17.2m (£13.8bn) tax bill with the Spanish tax authorities and is expected receive a licence to operate in Spain next month.

The Spanish tax authority recently contacted all major online gaming operators and made clear that any online operator that has ever accepted revenues from Spanish customers has an obligation to pay Spanish taxes under two laws, one dating from 1966 and the other from 1977.

In order to meet the payment, Sportingbet said it raised £15m through the sale of convertible bonds.

Rival online bookmaker Bwin said on Monday it would pay €33m to settle its bill with the Spanish authorities.

Sportingbet’s share price was up 0.25p to 27.25p in morning trading on the London Stock Exchange.

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