Online betting to yield €50m

The Government’s planned online betting tax is expected to raise nearly €50 million for the Exchequer in its first three years and absorb payment from almost 80% of relevant companies in its first year.

Legislation paving the way for the introduction of the tax next year is expected to be passed before the Dáil’s summer recess.

The Government is looking to place a 1% turnover tax on the online operations of mainstream betting companies like Paddy Power, Boyle Sports, William Hill and Ladbrokes; and a 15% gross profit tax on online betting exchanges such as Betfair.