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
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.
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.