Bookies get €50,000 betting tax relief

Budget 2020 betting: Minister says break depends on state aid rules

In a bid to aid small independent bookmakers, Minister for Finance Paschal Donohoe introduced a relief from betting duty of €50,000 a calendar year
In a bid to aid small independent bookmakers, Minister for Finance Paschal Donohoe introduced a relief from betting duty of €50,000 a calendar year

Bookies will get €50,000 a-year relief from the 2 per cent tax levied on betting in the Republic.

In a bid to aid small independent bookmakers, Minister for Finance Paschal Donohoe introduced a relief from betting duty of €50,000 a calendar year.

The move means that bookmakers will not have to pay tax on the first €50,000 in wagers that they take in a year. Mr Donohoe added that the relief was subject to EU state aid rules.

The department's tax strategy group earlier this year suggested bringing in a relief of €2 million a year to help smaller independent bookmakers compete against bigger chains such as Paddy Power, Boylesports and Ladbrokes.

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Mr Donohoe doubled the betting tax to 2 per cent last year. It is expected to yield around €95 million in 2019.

Bookies pay the tax on each bet placed with them. Legislation ties the levy to State cash used to support the horse and greyhound racing industries.

Barry O'Halloran

Barry O'Halloran

Barry O’Halloran covers energy, construction, insolvency, and gaming and betting, among other areas