New Dutch gambling tax leaves Holland Casino ‘vulnerable’ despite H1 growth

Summary

Holland Casino says a stepped increase in the Netherlands gambling tax is leaving the state-run operator exposed, even though it reported year-on-year improvement in the first half of 2025. A rise to 34.2% of gross gaming revenue (GGR) came into force on 1 January 2025, with a further planned rise to 37.8% from 1 January 2026.

During H1 2025 Holland Casino recorded slightly lower revenue of €390.9m, a 0.7% rise in land-based visits to 2.6m and higher average spend per visit. Online revenue fell after new deposit limits hit player activity. The operator reduced operating costs by €30.1m and reported profit before tax of €14.2m, helped by one-off property sales (Zandvoort €8.7m and the former Groningen site €2.7m).

CFO Ruud Bergervoet warned the company is “vulnerable”: the current 34.2% rate added €13.5m of cost in H1 and, had the 37.8% rate already applied, the results would have been materially weaker. Separately, licensed online operators reported a sharp fall in GGR — down about 25% year-on-year in H1 — leaving tax receipts below expectations and creating a shortfall versus the government’s projected €200m uplift.

Key Points

The Dutch gambling tax has been raised from 30.5% to 34.2% on 1 January 2025, with a further increase to 37.8% scheduled for 1 January 2026.
Holland Casino recorded H1 revenue of €390.9m; land visits rose slightly while online revenue fell due to new deposit limits.
The 34.2% rate added around €13.5m in costs in H1; the planned 37.8% rate would have significantly reduced reported profit.
One-off property sales contributed to improved H1 profit (sales of Zandvoort and Groningen sites), masking underlying vulnerability.
Operating expenses were cut by €30.1m through targeted savings, including head office restructuring.
Licensed online operators reported a c.25% drop in GGR in H1, meaning tax revenue collected is lower than anticipated — the Ministry had expected an additional €200m annually.

Why should I read this?

Quick and dirty: if you follow the Dutch gambling market, this matters. The tax changes are already reshaping operator economics, squeezing margins and distorting revenues (online down, land-based slightly up). Holland Casino’s H1 looks OK on paper only because of property sales and cost cuts — the underlying business would be far less healthy under the full new tax. Worth your two minutes if you deal with operators, regulators or investment decisions in Europe.

Context and relevance

Policymakers increased the tax to raise government income, but early signs show behavioural shifts (lower online GGR) and a tax-take shortfall versus forecasts. For operators, the combination of higher tax and player protection measures (monthly deposit caps) is changing product economics and could force further cost-cutting, asset sales or strategic shifts toward land-based activity or different markets.

Investors and sector strategists should watch whether the 2026 increase goes ahead as planned, and whether the Ministry revises its revenue expectations in light of the H1 contraction in online gross gaming revenue.

Source

Source: https://igamingbusiness.com/finance/dutch-tax-holland-casino-vulnerable/