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France Is Considering Legalizing Online Casinos

by THEFUTURE.TEAM

October 24, 2024

62%. This is public support for the French authorities’ intentions to legalize online casinos, according to a survey by the French Association of Online Games (AFJEL). Very soon, such legal amendments may become a fact, writes the French publication Le Figaro.

Online casinos in France are prohibited by law. Along with Cyprus, it is the only country in the EU that completely bans online casino games. French authorities only allow sports betting, horse racing, and poker online. The online lottery is also legal in France, although there is only one operator – La Française des Jeux (FDJ).

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However, in 2023, illegal online casinos operating in France generated an impressive 750 million euros in turnover, a sign that legal restrictions are in no way preventing these businesses from thriving from the comfort of tax havens, in which are registered.

Now the government is proposing changes as part of the draft budget for 2025, which would make the activity of online casinos subject to control. The texts were presented over the weekend and considered by French MPs on Monday. If the changes are finally adopted, virtual casino games will be taxed at 55.6% of their turnover.

The government claims that legalizing online casinos will help tackle the presence of illegal sites that often operate from tax havens. This could contribute to limiting the risk to public health,

However, the proposed amendments are not being taken lightly by casino owners, who have come out strongly against the amendment, which will expose their establishments to unwanted competition.

“According to our calculations, the opening of online casinos to competition will lead to a drop in gross gambling revenue of land-based casinos by around 20 to 30% and the closure of 30% of establishments,” said Gregory Rabuel, president of the Casinos de France union. to the French media Les Echos.

THE BUDGETARY POLICY OF FRANCE

Last year, France’s government deficit reached 5.5% of the country’s GDP, significantly exceeding forecasts and breaching the EU’s target of 3%. Late last month, new budget minister Laurent Saint-Martin revealed that this year’s deficit could exceed 6%.

While the government hopes to rein in spending, it is also looking for ways to raise revenue. Part of the country’s current financial problems are related to reduced tax revenues. This is partly because economic growth has recently been driven by exports rather than domestic consumption, resulting in lower VAT revenues.

A review of the revenue side of the 2025 state budget, which calls for 60 billion in new tax revenue, began on Monday, kicking off the most important few weeks of Prime Minister Michel Barnier’s tenure, whose government enjoys fragile support.

In his opening speech, Economy Minister Antoine Armand advocated a budget that would allow the public deficit to be reduced to 5% of GDP in 2025, rejecting any “austerity” while predicting a 0.4% increase in public spending

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SpaceX’s Terafab Initiative: A Bold Shift In Semiconductor Manufacturing

SpaceX outlined plans for a semiconductor and advanced computing facility under the Terafab project, according to a proposal published in Grimes County. Initial investment is estimated at $55 billion, with total project spending potentially reaching approximately $119 billion as additional phases are completed.

Terafab’s Vision

Terafab is designed as a vertically integrated, multi-phase facility focused on semiconductor production for artificial intelligence, robotics and advanced computing systems. According to Elon Musk, the project addresses growing demand for chips required to support AI development and autonomous technologies. He said the company needs dedicated manufacturing capacity to meet these requirements.

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Strategic Collaborations And Competitive Edge

Connections between the project and AI initiatives linked to xAI indicate a broader strategy around computing infrastructure. Potential collaboration includes companies such as Tesla and Intel, with a focus on areas including AI servers, autonomous systems and data processing infrastructure.

Expanding Horizons In AI And Aerospace

Elon Musk links the Terafab project with broader plans that extend beyond terrestrial computing infrastructure. Integration of capabilities from xAI and SpaceX is intended to support growing demand for high-performance computing across both Earth-based and space-related applications. Plans referenced in filings include potential development of data infrastructure that could operate beyond traditional ground-based systems. Expansion of computing capacity is positioned to support AI workloads and satellite-related operations. Filings also indicate a possible public offering that could value the broader business at more than $1 trillion, depending on structure and market conditions.

Outlook

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