Wednesday 2 January 2019 9:57 am

Playtech pays €28m to settle Israeli tax audit after shares shaken by Italy gambling tax

Betting software firm Playtech has agreed to pay €28m (£25.2m) to settle a run-in with Israeli tax authorities.

Israel had audited the company’s accounts between 2008 and 2017, with the additional tax payment covering this period.

The company will face no penalties once it makes the payment in the next 30 days.

The news comes shortly after the gambling tech company warned investors that it expects to take an earnings hit of up to €25m in 2019 following the introduction of higher taxes on betting in Italy as part of the country’s newly published budget.

However, the firm has so far maintained its full-year guidance of between €320m and €360m.

The London-listed business saw its share price fall from 435p at the start of December to 370p on Christmas Eve, but its stock ticked upwards by one per cent this morning.