William Hill withdraws from Czech Republic after introduction of new gambling legislation
In a major new development in the world of online sports betting, William Hill has exited the Czech Republic after the new a new gambling legislation was introduced in the country.
The new law to regulate gambling in the country had the President Miloš Zeman’s signature after it was approved last summer. This new law, the Gambling Act, will help Czech Republic adhere to the European Union (EU) regulations.
From this year on, gambling operators will be subject to tougher licensing processes, which involve requirements such as having an official seat in an EU or European Economic Area country and holding at least €2 million ($2.1 million) in equity.
That’s not all. Other changes include a new tax rate of 23% on gross gaming revenue for sports betting and lotteries, as well as 35% for RNG casino games, on top of a standard 19% corporate tax rate.
Post the implementation of these new rules, British bookmaker opted to withdraw its services from the country and informed the same to its customers.
The players have been also told by the site to withdraw funds from their accounts.
It now remains to be seen whether other big players follow William Hill out of Czech Republic.
These, however, are testing and interesting times for the gambling operators and enthusiasts in the country.