{"id":93370,"date":"2018-11-27T06:01:30","date_gmt":"2018-11-27T14:01:30","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=93370"},"modified":"2018-11-27T06:01:30","modified_gmt":"2018-11-27T14:01:30","slug":"irish-betting-tax-hike-will-go-ahead-jan-1-but-could-be-repealed-in-2020","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/irish-betting-tax-hike-will-go-ahead-jan-1-but-could-be-repealed-in-2020\/","title":{"rendered":"Brutal Irish Betting Tax Hike Will Go Ahead Jan 1 But Could Be Repealed in 2020"},"content":{"rendered":"

Ireland\u2019s betting tax hike<\/a> will not be postponed, as reported by some news outlets last week, although Irish finance minister Paschal Donohoe has offered faint hope to the nation\u2019s independent bookmakers who say their businesses will be devastated by the move.<\/p>\n

\"Irish
Irish Finance Minister Paschal Donohoe has indicated he is open to looking at a different approach to taxing the betting industry in 2020 after questions were asked of the efficacy of the new system. (Image: Eric Luke\/Irish Times)<\/figcaption><\/figure>\n

Tax on betting handle will double from one percent to two percent from January 1, as stipulated in Donohoe\u2019s 2019 budget, but the finance minister has ordered an immediate review into the tax increase — to be completed by the end of Q1, 2019 — which could ultimately lead to its repeal.<\/p>\n

\u201cMinister Donohoe will continue to engage with the industry with the potential to look at the issue in the context of Budget 2020,\u201d a Department of Finance spokesperson told iGaming Business<\/em> this week.<\/p>\n

Do the Math<\/strong><\/h2>\n

But by then the damage may already have been done. According to Irish Bookmakers Association chair Sharon Byrne, bookmaking is an industry of fine margins and many independents only keep around 0.75 to 0.80 percent of total bets placed once all expenses have been paid.<\/p>\n

\n

The math is simple: a tax increase to 2 percent will put them into insolvency. The IBA claims 400 of Ireland\u2019s 850 betting shops will be put out of business.<\/p>\n<\/div>\n

Nevertheless, Byrne welcomed the news of the 11th hour review: \u201cWe are grateful the government have committed to doing a review early in 2019,\u201d she told iGB<\/em>. \u201cThis is critical as it will prove how a 100 percent increase is simply a tax on jobs and unsustainable. It cannot happen quick enough.\u201d<\/p>\n

False Accounting<\/strong><\/h2>\n

The review may have been sparked by a study by Dublin City University Emeritus Associate Professor Anthony Foley, commissioned by the IBA, which casts doubt<\/a> on the government\u2019s projection that the new tax rate will bring \u20ac50 million in new revenue. In the event that 400 shops close, as predicted, Foley says the government will actually lose money<\/p>\n

The closures would cost the country \u20ac35 million in taxes ($39.6 million), while the remaining outlets would generate around \u20ac30 million ($33.9 million), leaving the exchequer \u20ac5 million out of pocket.<\/p>\n

During a debate last week in the D\u00e1il \u2013 the Irish lower house — Independent Member of the D\u00e1il Michael Healy-Rae argued a tax on gross profits would be more appropriate than a tax on betting handle.<\/p>\n

He suggested that a ten percent tax on gross profits for retail betting and 20 percent for online operators would increase the industry\u2019s contribution to government coffers by \u20ac25 million ($28.3 million) per year, while keeping the independent betting shops afloat.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ireland\u2019s betting tax hike will not be postponed, as reported by some news outlets last week, although Irish finance minister Paschal Donohoe has offered faint hope to the nation\u2019s independent bookmakers who say their businesses will be devastated by the move. Tax on betting handle will double from one percent to two percent from January […]<\/p>\n","protected":false},"author":36,"featured_media":93371,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,61,1074],"tags":[],"acf":[],"yoast_head":"\nIrish Betting Tax Hike Will Go Ahead Jan 1 But Could Be Repealed in 2020<\/title>\n<meta name=\"description\" content=\"Irish betting companies offered a sliver of hope by review into tax hike that could result in a 2020 repeal \u2013 although for many independent betting shops it could be too late by then.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Irish Betting Tax Hike Will Go Ahead Jan 1 But Could Be Repealed in 2020\" \/>\n<meta property=\"og:description\" content=\"Irish betting companies offered a sliver of hope by review into tax hike that could result in a 2020 repeal \u2013 although for many independent betting shops it could be too late by then.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/irish-betting-tax-hike-will-go-ahead-jan-1-but-could-be-repealed-in-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-27T14:01:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/11\/paschal-don.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1440\" \/>\n\t<meta property=\"og:image:height\" content=\"810\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/irish-betting-tax-hike-will-go-ahead-jan-1-but-could-be-repealed-in-2020\/\",\"url\":\"https:\/\/www.casino.org\/news\/irish-betting-tax-hike-will-go-ahead-jan-1-but-could-be-repealed-in-2020\/\",\"name\":\"Irish Betting Tax Hike Will Go Ahead Jan 1 But Could Be Repealed in 2020\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/irish-betting-tax-hike-will-go-ahead-jan-1-but-could-be-repealed-in-2020\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/irish-betting-tax-hike-will-go-ahead-jan-1-but-could-be-repealed-in-2020\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/11\/paschal-don.jpg\",\"datePublished\":\"2018-11-27T14:01:30+00:00\",\"dateModified\":\"2018-11-27T14:01:30+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Irish betting companies offered a sliver of hope by review into tax hike that could result in a 2020 repeal \u2013 although for many independent betting shops it could be too late by then.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/irish-betting-tax-hike-will-go-ahead-jan-1-but-could-be-repealed-in-2020\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/irish-betting-tax-hike-will-go-ahead-jan-1-but-could-be-repealed-in-2020\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/irish-betting-tax-hike-will-go-ahead-jan-1-but-could-be-repealed-in-2020\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/11\/paschal-don.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/11\/paschal-don.jpg\",\"width\":1440,\"height\":810,\"caption\":\"Irish Finance Minister Paschal Donohoe has indicated he is open to looking at a different approach to taxing the betting industry in 2020 after questions were asked of the efficacy of the new system. 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