Breaking news

France Is Considering Legalizing Online Casinos

by THEFUTURE.TEAM

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).

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

Deoleo Shares Jump As Takeover Battle Intensifies

by News Editor

Dcoop Reportedly Leads €470 Million Bid

Shares of Spanish olive oil producer Deoleo rose more than 15% on Wednesday as several companies compete to acquire the world’s largest olive oil bottler and marketer.

Spanish agri-food cooperative Dcoop has reportedly offered €470 million ($545 million), putting it ahead of Italian, French and Australian rivals. According to El Economista, the deal has not yet been finalized but is in its final stages, with a potential closing in September.

If completed, the acquisition would strengthen Spain’s position in the global olive oil industry, creating a major producer with brands including Bertolli and Carbonell and an estimated 15% share of Spain’s domestic consumption.

Several Buyers Are In The Race

Dcoop is competing with Italy’s Coricelli, Bonifiche Ferraresi and Newlat Food, France’s Lesieur, owned by Avril, and Australia’s Cobram Estate Olive.

Deoleo shares were last up 15.4%, reaching a new 52-week high and heading for their strongest session since March 2022.

Olive Oil Market Stabilises

Spain, Italy and Greece remain among the world’s leading olive oil producers, while climate change, water shortages and pests have contributed to major price swings in recent years.

Deoleo recently told CNBC that the period of unprecedented volatility in the market has begun to give way to more stable conditions.

Aretilaw firm
Uol
eCredo
The Future Forbes Realty Global Properties

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter