Romania’s Law 141/2025 was published on 25 July and takes effect on 1 August. For gambling it is a big step up. The authorisation tax on online gambling rises from 21% to 30% of gross gaming revenue, with the minimum going from EUR 400,000 to EUR 480,000. Fixed-odds betting goes from 21% to 25%. The annual fee per slot machine rises from EUR 5,300 to EUR 6,000 and the vice tax doubles to EUR 1,000 per terminal. Player winnings are now taxed from the first leu, at 4% up to RON 10,000 and 40% at the top.
The wider package matters too. VAT moves from 19% to 21%, and dividend tax rises from 10% to 16% from 1 January 2026.
For an online operator a nine-point increase in the GGR tax comes straight out of EBITDA. A business earning EUR 10 million of GGR loses EUR 900,000 of annual profit overnight, before any change in player behaviour. The dividend tax change hits owners separately, because it changes how much of the cash they can take out before or instead of a sale.
What we would suggest to owners of Romanian gaming businesses.
Re-run the forecast now. Buyers will, and a seller who arrives with the old numbers loses credibility in the first meeting.
Look at the structure of any deal already in negotiation. Where a price was agreed on 2024 numbers, expect a request to reopen it, or to move part of the consideration into an earn-out.
Expect consolidation. Higher fixed fees and taxes squeeze smaller operators first, so the next 12 months should bring more sellers than buyers in the mid-market.
In the same month Intralot agreed to buy Bally’s International Interactive for EUR 2.7 billion, financed partly with Athens-listed shares. Capital is available for scale in the region. The question for Romanian owners is whether they sell into it or get squeezed by the new cost base.
(Sources: KPMG Romania tax alert, July 2025; Chambers Gaming Law 2025, Romania; iGaming Business)