Holland Casino has warned that upcoming tax hikes will leave the state-owned operator increasingly exposed, even as it reported improved results for the first half of 2025.
Rising tax burden squeezes margins
Chief financial officer Ruud Bergervoet said the phased increase in Dutch gambling tax is creating significant financial strain. The levy rose from 30.5% to 34.2% of gross gaming revenue (GGR) on January 1, 2025, and will climb again to 37.8% from January 2026.
During the first six months of 2025, the initial rise added €13.5 million in costs. Bergervoet warned that had the full 37.8% rate already been in place, H1 profits would have shrunk to just €1.1 million — or even swung to a €5.5 million loss without one-off income from property sales.
“This demonstrates how vulnerable we are, despite all the steps we’ve taken,” he said.
Property sales soften the blow
The one-time boost came from selling two properties:
- A Zandvoort site for €8.7 million
- Its former Groningen casino for €2.7 million
Together, these disposals lifted profit by €6.6 million.
H1 performance: steady retail, weaker online
Total revenue for H1 reached €390.9 million, slightly down on last year. Land-based casino visits inched up 0.7% to 2.6 million, with average spend per visit also slightly higher.
By contrast, online operations declined, reflecting new player protection rules introduced in October 2024. These limit deposits to €700 per month, or €300 for players aged 18–25.
Operating expenses fell by €30.1 million, helped by a headquarters restructuring. Profit before corporate tax came in at €14.2 million, reversing a €3.5 million loss in the prior year.
Tax hike fails to deliver government windfall
The Dutch government had projected an extra €200 million per year in gambling tax revenue between 2025 and 2028. Yet early results suggest the increase is backfiring.
According to trade body Licensed Dutch Online Gambling Providers, gross gaming revenue in H1 fell 25% year-on-year. As a result, regulator Kansspelautoriteit collected only 83% of last year’s tax revenue, despite the higher rate.
