EU Weighs Taxes on Online Gambling, Crypto to Raise Up to 28 Billion Euros Over Seven Years

The European Union is considering new taxes on online gambling, crypto assets and digital platform companies as it seeks to fund its next long-term budget.

Politico reported on May 30 that the European Commission, the bloc’s executive arm, said in a document shared with member-state governments and the European Parliament that levies on online gambling, crypto transactions and digital platforms could generate substantial additional revenue.

The commission estimated that a 3% tax on the online gambling industry’s net revenue would raise about 1.9 billion euros a year. Over the EU’s next seven-year budget period from 2028 to 2034, that would total about 13.3 billion euros.

For the crypto sector, the commission is examining a 0.1% tax on transaction value. It estimated the levy could generate about 3 billion euros to 4 billion euros annually. A separate tax on capital gains from crypto assets could bring in an additional 1 billion euros to 2.4 billion euros a year.

The commission added that it is difficult to estimate the exact amount of revenue because data on the crypto market remains limited.