888's CEO has revealed that he believes the future of online poker will continue to grow, but will face significant challenges due to several factors.
Brian Mattingley told Pokerfuse in an interview last week that he is optimistic that the online gambling market will continue to grow, but faces uncertainty due to economic and regulatory issues as well as unlicensed operators offering services in regulated markets.
Mattingley is also concerned about the UK's upcoming point of consumption tax, which will see operators charged a 15% tax rate on any business that is generated on UK bets. He then went on to voice that he doesn't feel the new laws are well thought out and will produce major issues for the industry moving forward.
Other regulatory and economic issues that will impact the group is Europe's high tax rates on betting companies, as well as the VAT tax that is expected to be implemented next year. These high tax rates have already caused 888 to pull out of the French betting market, as the group was facing a steep 37% tax on its action.
The 888 head also voiced optimism for the US betting market, saying that even though the political landscape and slow growth in regulated states are a concern he is optimistic the country will prove to be extremely profitable for the industry as a whole.