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Irish Gambling Initial taxes will raise Euro 50
Saturday May 12, 2012 : ONLINE GAMBLING GOOD FOR THE IRISH TAXMAN
Initial taxes will raise Euro 50 million for cash-strapped government
Ireland's politicians are gearing up to pass a bill before the summer recess of parliament that will impose a tax of 1 percent of turnover on internet gambling companies handling Irish bets, and more on betting exchanges reports the Irish Examiner.
Early estimates from a private study are that in its first year of application the tax will be paid by 77 percent of operators, delivering around Euro 50 million to the fiscus.
Companies like Paddy Power, Boyle Sports, William Hill and Ladbrokes will be among the reputable, well established and therefore easiest targeted betting companies, whilst a special 15 percent tax on gross profit has been devised for betting exchanges like Betdaq and Betfair.
"Some of the larger mainstream operators have welcomed the tax initiative, but are concerned about the government’s ability to create a level playing field and succeed in taxing all companies who generate revenue from Irish customers via their online offerings," the newspaper reports.
Research commissioned by Betfair and carried out by professional services independent PricewaterhouseCoopers has estimated that the taxes proposed by the government would absorb 77 percent of the market between 2013 to 2016 and net Euro 49.8 million in tax revenues for the Irish taxman.
PwC found that the more punitive the tax, the less effective it is likely to be, pointing out that a tax rate of 2 percent on turnover and 20 percent on gross profits for betting exchanges would likely absorb less of the market next year (only 56 percent) and result in a smaller tax benefit to the state of Euro 43.8 million.
Ladbrokes recently said that it wanted a standard 7.5 percent gross profit tax for both bookmakers and exchanges, while Betfair has expressed satisfaction with the current proposals, but would rather see the entire industry taxed on a gross profit basis.
Analysts estimate that the 1 percent turnover tax could reduce annual operating profits of Paddy Power to the tune of Euro 6 million to Euro 7 million, and the 15 percent gross profit tax may take GBP 1.5 million a year out of the Irish profits of companies like Betfair.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
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