Portugal Is Considering a Change in Its Gambling Tax Policy [...]
Ireland Hands out 27 Remote Gambling Licences
- September 3, 2015 By Nemanja L. -
Republic of Ireland gambling authority has moved to announce that it had granted a total of 27 remote gambling licences to companies offering their services to the country residents.
A revised list of 27 operators was published by the Ireland Tax and Customs Office on 1 September as a selection of gaming companies were awarded two-year licences to operate in the market.
After PokerStars and Nektan had announced they were among said 27 companies, it was revealed that world-famous UK operators Gala Coral, William Hill, Betfair, Betfred, bet365 and Ladbrokes were also given permission to operate in the country.
Three Irish Bookmakers Granted Licences
Paddy Power, Matchbook and Boylesports were the three Irish bookmakers to be granted a licence, together with the likes of SkyBet, FullTilt, 188Bet and bet-at-home.
Republic of Ireland introduced its own Point of Consumption Tax in August this year, and the new legal framework has seen the 1 percent tax on betting turnover extended to gaming, casino and bingo operations. Meanwhile, world’s most famous betting exchange Betfair were slapped with a 15 percent tax on betting profits.
On top of said tax, all companies holding a valid license in the country will be required to pay €10,000 every two years to have their license renewed.
Ireland Tax and Customs Office invited gaming companies to submit applications back in April, but bwin.party and Sportingbet were late in completing the paperwork and have yet to be granted licences.
Ireland Hope to Earn Extra €25m per Year
The government believes that Ireland could earn extra €25 million per annum from licensing fees and POC taxes as they plan to create a fully regulated gambling market in years to come.
Gaming companies attempting to offer its services to Irish residents without a valid licence risk starting €150,000 fine as well as €300,000 penalty for repeat offenders.
Some of the other results of the new gambling legislation include passing Irish Gambling Control Bill by next year and in turn establishing a specialized gambling regulator.
Taking a leaf out of UK’s book, Republic of Ireland hope to create a thoroughly regulated market for all participants and at the same time ensure the country’s shaky economy receives a welcoming boost in the process.