William Hill cheers Spain rules

 
Marion Dakers
BETTING group William Hill welcomed Spain’s new gambling laws and licences yesterday, saying the plans to tax gaming firms “will be beneficial for all” as the industry expands.

Cash-strapped Spain hopes to raise money by taxing firms 25 per cent of their gross gaming revenue, having already raised €70m (£56.7m) by collecting back-taxes in recent weeks.

William Hill along with Bwin.party, Sportingbet and 888 were all granted licences last week under the new rules.

The firm said yesterday that it is “confident that this new legislation will improve conditions in the sector and therefore help to promote the development of the brand in Spain”.

Bookmakers hope the new rules will ensure stability for firms in the industry. Sportingbet last week complained that its profits were down by a third after it was forced to suspend its betting sites in Spain while back-taxes were collected and the new rules were put in place.