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NEW LEGISLATION seeking to regulate offshore bookmakers and betting exchanges has been published by the Minister for Finance.
The Betting (Amendment) Bill 2012 seeks to ensure fair treatment of all bookies offering services to Irish gamblers, and will require bookies and exchanges based in other jurisdictions to seek licences before they can accept bets from Irish residents.
Michael Noonan said the legislation would allow the extension of betting duty to remove bookmakers, thereby ensuring that all bookmakers operating within the jurisdiction were on an equal tax footing.
“The fact that off-shore bookmakers were not subject to the betting levy represented a competitive disadvantage to on-shore firms and also narrowed the State’s yield from the levy,” he said.
The minister also argued that the extension of Irish law in the area could provide a basis for further investment by gambling firms which are currently based abroad.
“Such major firms prefer to base themselves in a properly licensed and regulated regime,” Noonan said, pointing to the jobs already created in Ireland by Betfair, a market leader in betting exchanges.
Profits from bets with remote bookmakers – such as those which typically offer online gambling services to Irish punters – and betting exchanges like Betfair and Betdaq are already subject to taxation, through the terms of the Finance Act which forms part of the last Budget.
In those cases, however, the taxes are subject to a ministerial commencement order, which Noonan has not yet issued.
Many big-name bookmakers and their online presences are formally based and licensed in other jurisdictions – commonly the Isle of Man or Gibraltar.
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Where are the laws on the wealthy tax dodgers (e.g. Bono)?
I’ll even give 20/1 on that one!
This is good, there are more things that I want, on more pressing issues, but this is still good.
For a minute I thought this was about Goldman Sachs. Good luck implementing this law Noonan.
Bet ya it’ll never happen
Paddy power musta been in michaels ear!!!
Ah ha , Ireland and the Uk’s biggest bookie is annoyed that he pays more tax for online betting than William hill etc. based in the channel islands…
Poor Paddy’s based in Tallaght.
(big business and politics , don’t mix..!!!)
Anyone learn a lesson from the last administration. ??
Actually Paddy Power are licenced and regulated in the Isle of Man. Dial a Bet is based in Tallaght but technically the transactions are processed in IoM. Their main office and customer support is Clonskeagh not Tallaght.
In all fairness paddy power hire a lot of Irish staff in the uk .most shops have a Irish person behind the counter . They could have move to tge channel islands but they stayed in Ireland pay taxes to the state .I would not be to quick to slate them
It starts with just a coin at stake
Till lust has gained its height
How vast great hoards we’d love to make
When gambling demons bite
Many a man has lost his head
Through sums beyond belief
They lie, they steal, some end up dead
To wife and family’s grief
When nothing’s left for buying food
All friends and neighbours squeezed
Still gambling demons must be wooed
And through more bets appeased
In betting shops we stand in queue
Watch wheels and tumblers spin
The state lottery, entices too
Where all would love to win
It’s not on luck that life is based
How high or low the odds
Not on a hand or bet we’ve placed
But on the hand in God’s
Forget the card you could have turned
Forget the dice you’d toss
Great fortune lies when truth is learned
Beneath Salvation’s cross
The Lord will soon be on His way
Just as The Father planned
Tear up your betting slips today
It’s time to take a stand
Why gamble if He’ll come again
Seek now through Christ your cure
Betting is if! True faith is when;
But always! God is sure…
Time for bed, Matt.
You have work in the morning, maybe.
don’t know where to start with this.
I just hope it proves to be unworkable; Pinnacle, 5Dimes and their ilk tell the Irish government to piss off and are still accessible via various proxy programs.
Did not know that Sarah ,, I’m in the uk a lot and if I go to a paddy power shop I meet a lot of Irish staff in them ,, but a least they keep a lot of there main office in Ireland .. That’s just from my point of view
have your say