- Online Gambling Tax Ireland 2020
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Gambling online in Ireland. To put it simply, you can bet on sports legally in Ireland. Since 2001, when the Horses and Greyhound Act of that year came into effect, sports betting has been legal in the country. The 2013 Gambling Control Bill included language that permitted online casinos in Ireland as long they acquired a licence to do so. The good news for Irish poker players is that there is a specific carve-out in Irish tax law which specifies that online gambling winnings are not subject to taxation. Simply put, that means whatever you win, you keep, when it comes to online poker at Irish-friendly sites. Are Irish poker sites reliable? Ireland to Tax Online Gaming. Minister for Sport Martin Cullen threatened to ban online poker and gambling in Ireland if bookmakers did not pay more money to the Exchequer for the Horse.
In the Irish 2011 Budget (7th Dec 2010) – it was announced that Ireland will be applying Betting Duty to Offshore Betting (Online or Telephone )
Betting Duty is currently 1% and only applies to bets placed in betting shops.
The Irish Government now intends to include provisions in the Finance Bill and revise the Betting Act 1931 to ensure that all bookmakers taking bets from Iris customers will pay 1% betting duty
Betting Exchanges will also be subject to a tax under the new arrangements but the calculation of the tax will differ from that applying to bookmakers.
The Government expect to get as much as €20 million a year from this tax.
In Italy – they recently introduced a similar tax on business with Italian customers at between 2% and 5%. The UK is also looking at bringing in similar taxes.
DOUBLING THE BETTING tax will bring in extra money for the State – but will also turn Ireland into “one of the more penal” gambling markets in the world, according to industry analysts.
In yesterday’s budget speech, Paschal Donohoe confirmed that Irish gambling tax will be doubled from January 2019, increasing from 1% to 2% for both retail and remote bets placed by customers.
Additionally, betting duty on exchange revenues will be increased from 15% to 25%, which is expected to generate an extra €40 million for the Exchequer next year.
However, analysts at Davy said that the measure represents “yet another costly regulatory development” for the bookmaking sector and means that Ireland will now have “one of the more penal regulatory backdrops for gaming in the world”.
The stockbroker estimated that Paddy Power Betfair, which operates around 260 outlets across Ireland, will pay about £20 million in turnover taxes to the Exchequer in this fiscal year.
It also expected that the company’s group earnings would be down more than 4% based on current forecasts for next year as a result of the tax increase.
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Davy’s analysts added that retail competition will “clearly be impacted” by the tax change, allowing larger operators, such as Paddy Power Betfair, to “partially offset an increase in cost base with a higher share of the market”.
Responding to the move yesterday, the Irish Bookmakers Association (IBA) said that doubling the betting tax was a “retrograde step” and that Donohoe had “just signed P45s for over 1,500 jobs in the independent bookmaking sector”.
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In its pre-budget submission, the IBA had told TDs that the industry is “extremely vulnerable to any changes” in its cost base as overall staking levels “remain under threat”.
In the letter, the association said that the 1% increase in betting tax would “wipe out any profit” for a typical independent operator.
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The IBA said that the industry employs over 7,000 people across Ireland in 852 betting shops and multiple head office locations.
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It added that there has been a “significant decline” in the number of betting shops since 2008, citing “over 500 closures and the loss of 2,500 jobs”.