Irish Minister Calls for Increased Betting Tax
Betting taxes in Ireland are entirely too low according to recent statements from Irish Agriculture Minister Simon Coveney. Coveney’s comments come ahead of the introduction of legislation to tax online betting on the Emerald Isle.
Ireland is home to Paddy Power, a large sportsbook with international operations stretching as far as Canada.
Sweet Deals for Gaming
Gaming companies in Ireland enjoy some seriously low tax rates that would make other companies drool with envy. Unlike nearly every other corner of the planet, taxes on gambling revenues have dropped a whopping nine percent over the past decade down to a Paddy friendly one percent.
“And I think that the decision to effectively reduce what was once a ten per cent betting tax down to one per cent, which has resulted in a significant decline in revenue coming from betting tax, was crazy, and I think it should be reversed,” Coveney told a reporter this weekend, “The first thing the Government has to do – and we are in the process of doing it – is to actually extend betting tax to online betting.”
According to an article in the Irish Times, that one percent betting tax brought in a meager €30 million ($39 million US) last year.
Actual Paddy Power
Given Ireland’s weak economy, it’s not surprising that the government would be doing everything possible to keep Paddy Power happy. Gaming companies in other countries have had no qualms about pulling up roots and heading to places like Gibraltar and Malta where taxes are quite low.
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Tags: Sports Betting