It would have a significant impact in Paddy Power profitability
Irish government to raise tax on betting
(Ireland).- Ireland’;s government plans to double the country’;s tax on betting. The tax on betting will rise to 2 % from 1 %, Finance Minister Brian Cowen told legislators in Dublin.
2008-10-21
Reading time 13 seg
An increase of that size would raise Irish bookmaker Paddy Power Plc’s betting duty bill to about 20 million euros, leading to a “significant” impact on profitability, analyst Gavin Kelleher at stockbroker Merrion in Dublin said in a note before the budget was published.
British bookmakers William Hill Plc and Ladbrokes Plc also have stores in Ireland.
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