Ireland to follow UK sports betting reforms
The Irish government, however, is now upping this rate to 1.5%, a move which is expected to generate an additional 90 million euros for the sports betting economy in the country. Increasing the tax rate for the offshore sports book will hopefully prevent many of the land based bookies in Ireland from having to close their doors.
The Horse and Greyhound Racing Fund has had a 13% reduction in government funding since 2008 with more being promised for 2010. This essentially means that without the hike in tax rates the sports betting industry in Ireland could be on the brink of a collapse.
Mary Upton, a Labour spokesperson, commented recently that: “Online operators who are not based in Ireland but who are providing a service to Irish customers and who refuse to register and pay the betting levy will be blocked by Irish internet service providers, upon the direction of the Government.” She was also insistent that the increase would not affect the online casinos operating in Ireland.
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