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Irish Online Betting Tax Coming This Year

Thursday January 30,2014 : IRISH ONLINE BETTING TAX LIKELY THIS YEAR
 
The slow-grinding wheels of politics and bureaucracy have delayed implementation.
 
With opposition members of parliament become increasingly critical of the delays in its implementation, it looks as if the Irish tax on online betting may at last be activated in 2014.
 
The Irish newspaper The Independent reports this week that the Betting (Amendment) Bill 2013 has continued to grind its way through the Dail with long debates in recent weeks, but that implementation is now in sight.
 
Giving a potted history of the drive to tax online gambling companies accessing the Irish punter, the Independent recalled that in the spring of 2009, then justice minister Dermot Ahern began a review of the nation's outdated gambling legislation.
 
By 2011 a new Finance Minister, Michael Noonan, had announced a new licensing regime and an extension of the betting tax to online gambling, but for inexplicable reasons the measure did not see practical application .
 
Two years on, in July last year the political establishment finally had a piece of legislation before the Dail, which will ensure that companies taking bets online from Irish residents, no matter where the operator is situated, will be taxed. It's the Irish version of the UK point-of-consumption licensing and taxation initiative.
 
At first, a tax rate of just 1 percent will be applied, a restrained use of the tax regime that major bookie companies like Paddy Power have applauded - perhaps because the company derives most of its group profits through the internet and mobile channels.
 
Other provisions in the regulation empower the minister to impose additional "social" levies, and make provision for restrictions on advertising and the use of bonus incentives.
 
Irish punters gamble about Euro 1.6 billion online a year, which suggests that the government's delays in implementation could have lost it some Euro 48 million over the past three years.
 
Opposition MPs have seized on the delays to criticise government, with Fianna Fáil finance spokesman Michael McGrath castigating his opposite number for his unnecessary waste of an opportunity to boost government finances.
 
Responding to the criticism, government spokesmen claim that the bill had to first be submitted to the European Commission for its views, causing a mandatory three month hiatus.
 
McGrath has a rather more optimistic view of the size of the Irish market than most other estimates; he expects that gaming turnover will be around the Euro 4 billion mark.

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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