Dutch gambling tax hikes fail to deliver
New figures show projections missed; Polymarket still in Belgium, Ireland & Co
Hello, on Gaming&Co today:
You were warned: Dutch tax rises fall short as UK watches on
Slipping through the net: Polymarket still accepting Belgian players
Feeling lucky: New era of Ireland regulation begins
News shorts: GLI, Sharp Vision, Avanti Studios, Hacksaw, Spribe
đď¸ Gaming&Co is taking a break, weâll be back on 10 July, see you then!
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Dutch tax rises have backfired
Increases in gambling tax will deliver far less than projected, UK sector watches on with dread
Predicted and predictable: Dutch gambling duty hikes have failed to deliver the tax revenue uplift promised by policymakers, official analysis has revealed. A joint review by the Dutch Ministry of Finance and the regulator KSA shows that successive increases in gambling tax - from 30.5% to 34.2% in 2025 and then up to 37.8% in January 2026 - have had a negligent impact on government coffers.
Minimal rise: The analysis shows the increase produced only âŹ2m in additional revenue for 2025, compared with the âŹ108m forecast at the time of the rise.
Projections for 2026 have also been slashed from âŹ216m to âŹ57m, with officials citing a shrinking taxable base driven by falling GGR, tighter advertising rules and increased player migration to offshore sites.
Dutch recall: Regulated operators warned about the impact of the tax rises before they came into effect, while H2 Gambling Capital last year warned that by 2030 the illegal market would overtake the regulated sector in terms of GGR.
The KSA said the combination of higher taxes and stricter controls had âreduced the effectivenessâ of the tax raises, with legal operators losing share to unlicensed competitors who face no equivalent fiscal or regulatory burden.
Target missed: âThe objective of the tax increase was not achieved,â said the KSA, âthe additional tax revenues turned out lower than expected because the tax base decreased, possibly partly as a result of the rate increase.â
No visibility: The news is a further negative for an industry that could soon face a near-total advertising ban.
Watching closely from the UK
The findings will be of particular interest to operators in the UK, where the government has just implemented its own steep tax rise. The April 2026 increase in Remote Gaming Duty from 21% to 40% was billed as a major revenue generator for the Treasury, with the Office for Budget Responsibility (OBR) estimating it would generate an extra ÂŁ1.1bn in taxes.
But GamingMarkets has said the projections may be overly optimistic. The research firm estimates that the new rate will reduce net revenue from ÂŁ79 to ÂŁ60 per ÂŁ100 GGY, a 24% fall in postâtax revenue.
H2 Gambling Capital suggested the tax generated from the duty hike will be ÂŁ800m - ÂŁ300m short of Treasury estimates - while Regulus Partners says it expects tax yields to be lower in absolute terms as black market momentum increases and customer behaviour adapts, âmeaning we doubt the OBRâs estimates for an increase in tax in 2029-30 will be even partially metâ.
Half-a-billion for the black market: In February, Betting and Gaming Council CEO Grainne Hurst said the UK government had acknowledged that the tax rises would drive ÂŁ500m to black market operators.
Thatâs a burn: Changes at the top of the UK government could also have an impact on the industry. Prime Minister-in-waiting Andy Burnham has backed stronger controls on gambling advertising and sponsorship.
In 2022, he said: âAs an industry, the main aim of gambling operators is to maximise profits. These profits are the result of customer losses which, particularly during this cost of living crisis, risk having a seriously detrimental impact on peopleâs lives.â
Soft2Bet Scores Canadian Expansion with Hamilton Tiger-Cats Partnership
Soft2Betâs brand ToonieBet has expanded its North American footprint through a new partnership with the Canadian Football Leagueâs Hamilton Tiger-Cats. The multi-year deal positions ToonieBet as the teamâs official iGaming partner and includes naming rights to the Hamilton Stadium club level, now the ToonieBet Club. The move strengthens Soft2Betâs expansion strategy, blending sustained market growth with fan-first, digital engagement. For investors, it signals continued disciplined expansion in North America, anchored in sports-led brand integration and local market alignment.
Polymarket still getting 70k monthly visits in Belgium
Despite the country banning prediction markets in January
Ban busters: Crypto-based predictions platform Polymarket recorded 70,000 visits from Belgian users in May even though trading on prediction markets was formally forbidden by the countryâs authorities in January. Belgian newspaper LâEcho reported that âa simple VPN allows users to connect to the platform and place bets. The ban has reduced the siteâs popularity, but it has certainly not stopped it from operatingâ.
Ceci nâest pas un site de prĂŠdiction: As part of its investigation into the vertical, the outlet reported that the platform continues to be widely used in the country although, âofficiallyâ, it should be inaccessible.
Magali Clavie, President of Belgiumâs Gaming Commission, told LâEcho that Belgian law stipulates clearly âthat all platforms are prohibited except those with an exemption, granted via a licence. Polymarket does not have oneâ.
She added: âBefore the ban, we were recording 230,000 visits a month (on Polymarket). Last month, the figure stood at 70,000 visits.â
Still got it: Clavie didnât say how the numbers were obtained, and noted that a visit âdoes not necessarily mean a bet, so it is difficult to know exactly how many players there are and how much money is being wageredâ. However, âit is clear that the platform is still attracting usersâ, she added.
Clavie said more needed to be done to reduce the visibility of PM operators and âinvolve the banking sectorâ to limit or make financial transactions on the platforms âmore complexâ.
LâEcho said its own journalists were able to open a Polymarket account without using a VPN, but werenât able to deposit funds. Recall, last week nine European regulators joined forces to warn against wagering on prediction market platforms.
Kalshi multiplies by 20
According to the Financial Times, Kalshi is in talks to raise new funding at a valuation of $40bn, nearly double the $22bn it was recently valued off the back of its most recent funding round of $1bn in May.
PM dawn: The round is set to close in Q3 and the FT added that the PM market leader has raised $3.7bn since launching in 2021. Its most recent raise in May was led by the investment firm Coatue and included participation from Sequoia Capital, Andreessen Horowitz, Morgan Stanley and ARK Invest.
Kalshiâs trading volumes enjoyed a 32x annual increase to $178bn by April 2025 and monthly volumes of $16.8bn in May 2026 and annual revenues of $2bn, according to the FT.
World in motion: Sports events contracts drove the majority of Kalshiâs June volumes, with $5bn recorded during the World Cupâs first week and sports generating $23bn in contract volumes in 2025.
Class creation: Kalshi being valued at $40bn implies a 20x revenue multiple, industry observers said it was becoming a ânew asset classâ.
Despite ongoing regulatory uncertainty, Coatue founder Philippe Laffont said âevent contracts could become a trillion-dollar marketâ and implied that a 20x multiple may be conservative.
By the numbers
Meanwhile Kalshi and Polymarket continue to dominate the US download charts. According to the sports betting consultant James McLoughlin, Kalshi recorded 1.98 million downloads from the US Apple App Store in the last 30 days, with Polymarket in second with 1.14 million downloads and DraftKings in third with 490,000.
McLoughlin noted that DraftKings had âopened up a meaningful lead over FanDuelâ as the Flutter-owned brand was in fifth position, Allwynâs PrizePicks had re-enabled credit card payments and Hard Rock was âdominating casino and soccer (football) in their bilingual marketsâ.
Downloads from the last 30 days on the US App Store:
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Ireland enters new era of gambling regulation
First remote OSB licences from 1 July, H2 says regulation itself is the main opportunity
A new dawn: Ireland will issue its first remote gambling licences on 1 July, a landmark moment as the new Gambling Regulatory Authority of Ireland (GRAI) begins overseeing the sector. Under the new legislation, part of the Gambling Regulation Bill signed into law in Ireland in October 2024, the GRAI can issue fines of up to âŹ20m or 10% of a licenseeâs turnover, whichever is greater, to companies that breach licence conditions.
Rules include a gambling advertising watershed between 5.30am and 9pm, a credit card deposit ban and the compulsory ability for users to set limits.
According to H2 Gambling Capital, Irelandâs total gambling market was worth âŹ2.3bn in 2025, with 57% of all spending online. The remote sector has expanded rapidly, rising from âŹ554m in 2019 to more than âŹ1.3bn last year.
Third left out: But H2 estimates only around one third of that online revenue is regulated onshore. The legacy Revenue Commissioners framework licensed remote betting only, leaving the entire online casino segment - worth an estimated âŹ770m - operating outside Irish oversight.
The research firm said the eventual licensing of online gaming could bring âhundreds of millionsâ of offshore revenue into the regulated net. Its models project that Irelandâs regulated online revenue could more than triple once igaming is formally brought onshore.
Earlier this month, Betfred told its Irish customers it would be taking a âtemporary pauseâ in the country while it aligned with the new GRAI regulations.
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News shorts
Gaming Laboratories International and the global investment firm CVC have entered into a partnership that sees CVC become a strategic investor in the testing specialist. GLI co-founders James Maida and Paul Magno and their leadership teams will remain in post.
Regtech specialist Sharp Vision has just obtained GLI-19âs international certification for its online gaming monitoring solution. Sharp Vision recently signed with a number of regulators bodies in Africa to monitor both regulated and unregulated operators and track market dynamics in real time.
Live casino startup Avanti Studios is set to add its games portfolio to bet365âs product offering. The groups will first launch in Spain before expanding into other markets.
Hacksaw Gaming has gone live with Groupe Partoucheâs Pasino.ch website in Switzerland. Hacksaw said the âpopular casino brand offers a diverse portfolio including slots, classic table games and a live casino with professional dealers.â Pasino.ch is operated by Partoucheâs Casino du Lac de Genève resort as local regulations require online portals to be linked with a physical casino to operate in the country.
The UK Gambling Commission (UKGC) has issued a warning to Spribe over a failure to âadequately uphold the requirementsâ linked to criminal activity prevention. The sanction comes less than three months after the UKGC lifted the crash game supplierâs licence suspension over âserious nonâcomplianceâ with hosting requirements. The latest warning stops short of another suspension.
Gaming&Coâs Friday Jobs board
Pentasia and Payment Genes are the leading recruitment firms for iGaming and payment executives. Check out their latest roles:
Product Manager: A well-established and fast-growing digital entertainment group in the Philippines is looking for a Product Manager to take full ownership of their online casino product. This is a high-impact individual contributor role sitting at the heart of the business, responsible for the casino lobby, game discovery, bonuses, gamification, and the end-to-end player experience that drives engagement, retention, and revenue.
Senior Product Manager: A leading digital entertainment group in the Philippines is hiring a Senior Technical Product Manager to serve as the critical bridge between technology and product across their iGaming and sports betting platforms. This is a senior role for someone who can operate fluently in both engineering and commercial conversations, translating complex technical requirements into product decisions that drive growth and player satisfaction.
Head of Sales: This company is an established B2B provider of sports betting solutions to the iGaming sector. It has offices and people dotted around the globe, in particular across Europe, Asia and the USA. This role has a global remit and the person in the role will focus on managing a small team of sales people, with a view to growing the team. Reporting to C level, this role could be based pretty much anywhere in Europe. You will focus on selling the companyâs range of sports betting solutions to the operators globally. You will also be tasked with mentoring, coaching and leading a small a sales team.
ISV Partner Account Manager - Hunter: We are supporting a leading European payments provider that is building a new software partnerships team in Germany. As part of a broader strategy focused on integrated POS and payment solutions, the company is investing heavily in partnerships with software providers serving merchants across retail, hospitality and other SMB-focused verticals. The Partner Account Manager (Hunter) will be responsible for identifying, developing and signing new software partnerships that drive transaction volume and revenue growth.
ISV Partner Account Manager - Growth: We are supporting a leading European payments provider that is building a new software partnerships team in Germany. As part of a broader strategy focused on integrated POS and payment solutions, the company is investing heavily in partnerships with software providers serving merchants across retail, hospitality and other SMB-focused verticals. The Partner Account Manager (Growth) will be responsible for developing and scaling newly signed software partnerships, helping drive partner activation, commercial growth and long-term success.
Calendar
Results: July 17: Evolution, Betsson, July 22: Kambi
Events: 1-2 July: IGB Live, London
Contact
Get in touch with Jake Pollard to find out more about Gaming&Co: jake@gamingandco.info