Online Gambling Companies May Move From Costa Rica Due To Taxes

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When US bookmakers realized the potential of moving their businesses offshore, the first place they set up shop was in Costa Rica. After the sports books, the online casinos soon followed suit, and Costa Rica became a haven for online gambling operations.

That has been changing slowly over the years, as countries such as Antigua and Panama have also become popular areas to open an online gambling business. On Monday, Costa Rican officials may have thrown the final log on the fire.

The Costa Rican Ministry of Finance has published new rules that will govern taxes for casinos in Costa Rica. The plan is for the casinos to pay an up front fee of $50,000, and then pay a 0.5% tax per year on gross income. The Gambling Control Board will be set up, and will be permitted to license casinos for up to six years.

The casinos in Costa Rica have been upset with recent attempts to tax their industry, and these new rules that have been published will not be taken lightly by the casinos. With Antigua having no taxation of gross income, and Panama not having any rules regarding taxes for gaming operations, both countries could become prime landing spots for current Costa Rica casinos.

The money generated from the gaming industry will go towards helping the crime problem in the country. The government understands the need to move quickly to gain the gaming revenue tax funds, but they also have been careful to not scare gaming operators away to their neighboring country's.

The online gambling industry has been growing, with revenue now in the billions. Italy, France, Canada, and even the US have had lawmakers pushing for online gambling regulations in recent years. The US is considered to be the largest online gambling market in the world, and projections indicate that hundreds of millions of dollars would be raised for the government by taxing the industry.

August 23, 2010
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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