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Holland Casino faces ‘serious doubts’ about its long-term financial sustainability as the state-owned gambling monopoly of the Netherlands.
Concerns have been raised after Holland Casino declared a net loss of €10.5m for the 2024 financial year, as management contends with upcoming tax increases on Dutch gambling alongside compounding compliance costs on its day-to-day operations.
Trading in 2024 saw Holland Casino generate €784m in revenue, marking a 4.1% decrease from the €817 million reported in 2023. The 2024 accounts detailed a pre-tax loss of €1.3m a significant reversal from the previous year’s profit of €32m.
The state-owned operator reported declines across all operating units, with online revenues dropping to €85 million, down significantly from 2023’s €116m. Income generated by physical branches remained steady at €698m, whilst the number of guest visits increased to 5.2 million during the same period.
The main issue concerns the future viability of the business model. Holland Casino paid €222m in gambling taxes in 2024, and a planned rise in the tax rate to 37.8% by 2026 is fuelling concern.
CEO Petra de Ruiter has warned that further tax rate increases would reduce the company’s capacity to fund responsible gaming programmes, even as the organisation continues to lead the field in safer gambling initiatives.
According to De Ruiter, the high tax rate — exceeding 50% of revenue — makes it difficult to meet both fiscal obligations and responsible gaming goals. “Prevention is and remains a human task. Safety and responsible play require sufficient investment space,” she said.
Holland Casino stands by responsibility remit…
The company has maintained its strong commitment to sustainability and social responsibility. In 2024, Holland Casino introduced major policies to better protect players during their gaming experiences. It terminated 24/7 gaming at its Amsterdam-West and Rotterdam branches, introduced a new online risk detection system, and strengthened its prevention advisory group. Public information was also revised to B1 language level to enhance accessibility.
While the organisation continues to implement preventive measures, data suggests a plateau in their effectiveness. The number of preventive conversations at physical locations decreased to 13,788, while online conversations fell to 10,606.
The casino submitted 10,736 reports related to anti-money laundering activities to the Financial Intelligence Unit a slight reduction from 2023 with a notable shift from online to in-person reporting.
Efforts to reduce the financial impact of the pandemic have started to show results. Holland Casino’s COVID-era tax liability fell from €194m to €155m
Management takes drastic actions
However, the company’s financial health remains highly vulnerable. Management has introduced severe cost-reduction measures, including head office redundancies and branch network rationalisation, acknowledging that the organisation has “used up all its available stretch”.
Both operational and environmental sustainability remain in focus, though they are not the sole priority. The Utrecht branch received praise for its sustainability initiatives, and the Venlo location won the Best Casino in Europe award — indicating that the brand continues to resonate with customers despite shrinking margins.
Holland Casino faces a difficult financial road ahead as the Dutch government seeks to reform the gambling legislative framework.
The combination of rising operational costs, declining online revenues, and growing taxation forces the company to choose between maintaining public services and preserving commercial viability.
The Dutch government must soon reconcile its dual role as both taxing authority and shareholder. Responsible gambling policy requires more than rhetoric — it depends on the financial sustainability of the organisation charged with upholding it.
