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Internet betting software group Playtech announced that they have come to an agreement with Israels's tax branch and will pay out €28 million to the authorities.
The payment covers taxes for activity between the periods of 2008 to 2017, which were mainly based out of the country. The settlement comes after the company was audited by authorities, and Playtech was keen to get a settlement together to avoid any tax penalties. The payment will be made in the next 30 days, and will count the charge as an exceptional expense.
Playtech is looking at increased costs as more markets become regulated in the new year. Playtech has cited Italian gaming regulation overhauls as having the potential to lower their EIBTDA to €20 million to €25 million for the new year.