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Warning for Irish Government

With its successful online casino offerings and other internet wagering services booming since its inception, Paddy Power PLC has already established its place as a major book maker in the international gambling industry. It has constantly delivered a strong performance over the past several years, but the company is now confronting a difficult challenge: A new tax proposal by the Irish government imposes high risks to the internet gambling operations based out of Ireland - something that would directly affect Paddy Power. The proposal states that tax must be imposed on the gambling operations done through phone and the internet, including online casinos. This move will have severe repercussions on Paddy Power’s bottom line. Currently, the firm is already paying 19 million Euros to the government; and the proposed additional percentage will be tantamount to another five million.

Paddy Power claims that the new tax structure provides unfair advantages to out of town land-based and online casino companies compared to the local ones since offshore operators will not be taxed. The Chief Executive Officer of Paddy Power, Patrick Kennedy, said in an interview in the most recent Financial Times that the firm does not have any issues with paying for the taxation’s coverage, which includes operations through the phone, internet, and online casinos. The issue is, if Paddy Power is obliged to pay merely because its workforce consists of people from Ireland; Kennedy went so far as to note that the new tax proposal was a “tax on Irish jobs.”

The online casino and internet gambling group has significantly contributed to the economy of Ireland. In response to the proposal, Paddy Power has warned the government: If the said tax implementation pushes through, the significant contributor to Ireland’s economy will rethink its strategy and restrict its workforce expansion within the coming years.