It was announced this past week that big name players in Ireland’s online gambling industry including Paddy Power, Boylesports and other “intermediaries” such as Betfair will soon be responsible in paying proper betting taxes after news broke of the finance bill being passed this past week.
Ireland’s Minister of Finance confirmed plans that he had originally drawn up late last year that will extend the current 1% betting to cover more players in the industry besides bookmakers to others such as online gambling operators who work from within the country.
Up until this point anyone within the country who ran a gambling operation online were exempt from tax laws. The Irish government expects to raise a substantial sum of revenue from the new tax law in the range of 20 million Euros annually.
Also enacted will be a “betting intermediary duty” for Betting exchanges such as Betfair. The proposed tax for intermediaries is currently set to 15% of the commission paid to them by customers. These current slated changes will be in amendment to the Betting Act of 1931.
The department of finance has claimed that the bill will be passing soon through parliament and is slated to be enacted before the election held in early March. There is also discussion within the Department of Finance to offer licensing options for gambling operators who currently are operating outside of Ireland. Talks on this are still in progress and little detail about the license proposal is known at this time.
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