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Casino Sports Book Tax Deal

When it comes to gambling law in South America, one of the main countries to really be cultivating its casino gambling law and regulations is Costa Rica. The Asamblea Legislativa has agreed to a special tax deal for casino gambling establishments and enterprises in a new tax plan. Regarding online casino sites, nothing was mentioned.

Regular businesses in Costa Rica will be taxed based on their incomes, but casino gambling establishments and namely sports books operating on Costa Rican soil will pay a flat fee, ranging from 13 million colons ($26,000) to 24 million colons ($48,000) depending on the number of employees. With approximately 5,000 to 7,000 Costa Ricans believed to employed in casino sports book enterprises, these people would be left jobless if these companies went elsewhere. This is according to the country’s legislature proposing the tax plan. Casino sports books are important to the Costa Rican economy.

Casino sports book companies would be able to open checking accounts in Costa Rica, which is something they cannot do at the present time. Typically, the proceeds from casino betting are sent out of the country. So it seems, according to the latest tax deal, that Costa Rica wants to promote its casino sector, if not for entertainment purposes for its people, then at least to boost employment in its country.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.