Online betting tax to raise €25m

In the region of €25m will be raised annually by a new online betting tax that Michael Noonan has been trying to introduce since he became minister for finance more than three years ago.

The levy on online transactions will seek to target foreign-based bookmakers that provide remote services to Irish customers.

Around €1.6bn per year is gambled in Ireland online, with most of the profits going to overseas enterprises that enjoy a relatively tax- free regime here in a manner akin to the ‘double Irish’ scheme used by American multinationals.