Just to copy and paste the wording on the new online betting laws/rules in the Budget..
The Betting (Amendment) Bill is now at an advanced stage of drafting with a final draft expected from the Attorney General’s Office early in the New Year. The Bill will, inter alia, facilitate the extension of the betting duty of 1% to remote betting and the introduction of a betting intermediaries’ duty (Gross Profits Tax of 15%) to cover betting exchanges. Following publication of the Bill there is a legal requirement to notify the EU Commission 3 months in advance of enactment of the Bill. It is intended that the new taxation regime will commence from the second quarter of 2012.
First reaction is I'm guessing when they say 15% gross profits, it means 15% of Betfairs profits and not 15% of our profits. I believe when there was a bit of furor over this a while back Betfair said they'd be happy enough to pay it (although I cant find a link now so dont trust me on that), because they have made a 'voluntary donation' (or something along those lines) to the HRI in the past.
Interesting if they say anything about it over the next few days anyway. It doesnt seem like theres anything to be overly worried about.
I'm actually interested to see how much the figure will be, I still meet people interested in betting in Ireland who have never used Betfair, or even know what its about (with regards laying etc etc). We'll see anyway.
13 hours ago