Concerns Raised Over French Horse Betting Tax
Like many European countries, France is feeling the effects of the difficult economic times and is seeking new ways to help the country’s economy. Since the European Commission approved online gambling in France, the extra revenues have made a significant difference to the county.
Gambling groups express concern over the French proposal to impose an 8% tax on online horse-racing bets.
Therefore, it comes as no great surprise that the French have proposed an extra tax on online horse-race betting in order to finance horse-racing companies. It is even less of a surprise that the proposal has been met with a negative response from the Remote Gambling Association and the European Gaming and Betting Association.
The EC approved the proposal to impose a tax of 8% on online horse-race bets. The French authorities say that the money will go to finance a service to improve and promote the horse-breeding industry in France.
The Commission took the view that by sharing the financial responsibility across many operators, the measure allows for fair competition in the market. However, the Remote Gambling Association and the European Gaming and Betting Association released a joint statement expressing their “concern” with the plan.
The statement notes that levies, or parts of levies, are only justifiable if they serve common interest objectives. It claims that transferring funds from one industry to another will create a distorted playing field between other gambling sectors and other union members.
