Paddy Power Bookmakers said it would offer tax-free betting to all of its customers after May 1st, 2002. The move follows the decision by the Minister for Finance, Mr McCreevy, to cut betting tax from 5 per cent to 2 per cent in the Budget.
The company said it conducted an immediate review of the cost implications of subsidising the new 2 per cent betting tax in Ireland following the completion of the Minister's speech.
"We campaigned for no betting tax in Ireland. The Minister went part of the way and now we have gone and finished the job. We decided to absorb the 2 per cent tax in the punter's interest," said Paddy Power managing director Mr Stewart Kenny.
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