Online Casino Group Gaming VC Tax Charge to Rise

April 24 - Gaming VC Holdings, one of the fastest growing online casino and poker groups in the industry, have announced record profits for 2007.

Total revenues were 12% ahead of the same time period in the previous year, with a 23% increase from the fourth quarter of 2007 compared to the first quarter of 2008.

"We are pleased with the results for the first quarter of 2008, and are confident that we will continue to build on the momentum created in 2007," commented a spokesperson for Gaming VC. 

However, because of the increase in revenue and profits, it is believed that Gaming VC will move up from a current base level of 2% tax charges to as much as 5% in the 2008. "The final charge will depend on both the markets where growth is achieved and future developments on taxation in the domiciles Gaming VC operates in," said the group.

2007 was an excellent year for Gaming VC Holdings. The company's business levels in Italy and Malta increased significantly, and trading was generally ahead of expectations because of good sports book performance and resilience in the German casino market.

A preliminary bid approach was received by the group earlier this month, pushing its share prices up sharply. In a statement at the time, the company said: "The Board of Directors of Gaming VC Holdings announces that it has received a preliminary approach which may or may not lead to an offer for the entire issued and to be issued share capital of the Company." Since December 2007, the company's shares have tripled in value.