Internet betting giant Bwin.Party Digital Entertainment has released their latest financial results, noting that revenues have fallen again, causing the company's stock to fall 26% this year.
The dismal results are due in large part to the company's large hit in profits, and fears that upcoming taxes will be implemented by the European Union.
UK based newspaper The Independent has published an article on the company's struggles with the taxation, noting: "New VAT rules for digital businesses, which take effect from January 1, mean the tax will be charged based on where the customer is, rather than the company's registration."
"Deutsche Bank thinks Bwin.Party will be the worst hit. It is registered in Gibraltar, where there is no VAT, and 26 percent of its first half revenues came from Germany, where the rate is 19 percent."
Those interested in reading The Independent's article can do so here.