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Impacting Profitability

There seem to be a few conflicting stories coming out of the Ireland lately. On the one hand the Irish government has released statements and alluded to the fact that the government is considering opening the Irish land and online casino gambling market and looking and looking to become a big player in the industry. But then news like the increase in betting taxes in the country has other shaking their heads in confusion. The Finance Minister, Brian Cowan, apparently announced that betting companies operating in and out of Ireland can expect their betting taxes to double – this is a huge increase and will have a big impact on the online betting companies in Ireland.

Paddy Power is one of the big players in the Irish and UK betting markets and competes with some of the biggest land and online caisno gambling companies in the world. Initial analysis of the impact of the new tax legislation would mean millions more every year in money paid to the Irish government. This new tax legislation has the ability to actually cause some serious strain on Paddy Power’s financial stability. It also means that foreign online casinos and foreign gambling companies will have less of a reason to move to the Irish gambling market once it opens.

The estimates put Paddy Power alone at paying more than Euro 20 million in taxes if the tax increase actually passes through. The long-term impact of the Irish land and online casino gambling and betting industry is huge and industry analysts predict that the bookies will strongly protest the tax increase.