Ireland’s Finance Ministry has published legislation that seeks to regulate offshore bookmakers and betting exchanges.
The Betting (Amendment) Bill 2012 will require online operators based in other jurisdictions to seek licenses before they can accept bets from Irish residents. By doing so, the government hopes to ensure offshore operators pay the same tax as those operating on shore.
“The fact that offshore 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,” said Finance Minister Michael Noonan.
Profits from bets with remote bookmakers and betting exchanges are already subject to taxation through the terms of the Finance Act, which forms part of the last budget. In those cases, however, the taxes are subject to a ministerial commencement order, which Noonan has not yet issued.