Delta Casino Shares Fall due to 28% Tax

So the moment came, which all those involved in the gambling industry feared, investment packages fell due to a 28% tax increase. On Wednesday, the shares of many casino companies collapsed due to the publication of a new decree to increase the tax rate by 28% on goods and services on bets.

The scale of losses in the section is colossal. According to reliable sources Delta Corp. which owns several casinos in Goa, lost a quarter of its investment in the stock exchange, the damage from the tax increase was 23%. Nazara Technologies, which actively oversees and develops several mobile applications for online games, lost 13% at the very beginning of the week, but by the end of the week was able to even out a little, returning 3%. OnMobile Global, which sells mob gaming software, lost shares by more than 1%.

The Ministry which issued this decree has fixed that a tax of 28% will be paid on the full nominal value of the stakes, and not as was previously the case. This tax is now levied on the gross tax on the stakes, a much lower percentage than is proposed to be paid subsequently. The order states that, along with casinos and bets on horse racing, all online games that potentially generate real income and payouts through online platforms will be covered.

Industry players fear a major slippage as 28% tax is too much to pay and to stay with 72% to recover 100% of their costs is clearly not a business that can survive in such conditions. I will continue to follow news and developments in the industry and shape the content on my channel, stay tuned here for the latest news.

The shares of many casino companies including Delta Corp. collapsed due to the new decree to increase the tax rate by 28%.

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Faraz Gupta

Faraz Gupta has been running his own blog with news about the world of gambling and betting. A professional journalist analyzes the latest developments in the field of casinos and betting, studies in detail the legislation of the industry and gives his readers good advice.