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According to the Gaming Machine Tax Act 2001, a tax rebate of up to 1.85% of a club’s gaming machine profits is made available to any registered club that records profits of over $1 million (US$715,000) during a tax year.
This is only possible if the club in question allocates at least 0.75% of prescribed profits over $1 million to community-focused activities and services. These profits make up two-thirds of the ClubGRANTS scheme funding.
The final third derives from a further 0.4% of a club’s gaming machine profits over $1 million during a tax year.
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Macquarie’s Beynon agrees with that sentiment, pointing to the relative stability of gaming companies through tough economic stretches such as the Covid-19 pandemic. Bankruptcies in the sector have been low relative to the broader market, he notes, and both land-based and digital companies have reason for optimism moving forward.
“It’s certainly not lost on us that this sector has underperformed for several years in a row just because it doesn’t have either the growth of say, tech companies, or the perceived free cash flow-insulated businesses, which we believe it does…We’ve thought there’s been value in the sector for a few years, particularly this year,” he told iGB.
Jess has covered the global gaming industry since 2022. A native of Reno, Nevada, he’d like to note that it’s Ne-va-da, not Ne-VAH-da.
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The committee considered the bill once, on 3 February, and has since taken no further action.
Meanwhile the government has been approaching the issue via a new bill. Sports minister Sadok Mourali said in November 2024 that a gambling and sports betting bill had been circulated for consultation. Twenty-six public institutions received that consultation, including the central bank, Competition Council and financial intelligence authority.
A year later he said the draft had been completely revised to bring it into line with international standards on sports betting manipulation and money laundering.
