The Minister for Finance, Mr Michael Noonan T.D., has today (19th of July) published the Betting (Amendment) Bill 2012.
The Bill is designed to ensure a fair and equal treatment of all bookmakers and betting exchanges offering services in Ireland and will bring into the licensing and taxation regime all remote bookmakers and betting intermediaries (betting exchanges). The new licensing system for remote operators will serve the important public interest in preventing crime and protecting consumers against fraud and will ensure that all businesses offering betting services from Ireland or to persons in Ireland are regulated appropriately. The Bill amends, for that purpose, the Betting Act of 1931, which contains the existing provisions governing licensing of bookmakers and will be scheduled in the next Dáil session
Provision was made in the Finance Act 2011 for the taxation of remote bookmakers and betting exchanges, subject to a Ministerial Commencement order.
Upon publication of the Bill Minister Noonan stated:
“This bill will bring into place a fair and equitable licensing and regulatory regime for all bookmakers and betting intermediaries. This bill, once enacted, will allow for the extension of betting duty to remote bookmakers and will ensure that all bookmakers activities offered in the State are taxed equally. The fact that off-shore bookmakers were not subject to the betting levy represented a competitive disadvantage to on-shore firms and also narrowed the State’s yield from the levy.
In addition, there is significant down stream revenue potential from investment by major firms that have expressed strong interest in Ireland as a base for their operations. Such major firms prefer to base themselves in a properly licensed and regulated regime. One leading betting exchange has already located some of its operations here creating over 75 jobs with the potential of more.”