Two of Ireland’s leading bookmakers today announced they will offer tax-free betting in their shops from May 1st 2002 following the reduction of betting taxation in yesterday’s budget.
Minister for Finance Mr Charlie McCreevy reduced off-course betting tax by 3 per cent to 2 per cent yesterday but Boyle’s Bookmakers today said they would "meet the Minister halfway" and absorb the remaining 2 per cent to offer punters tax-free betting from next May.
"We are very happy that Minister McCreevy has listened to our concerns in relation to on shore betting taxation," said John Maguire, general manager of Boyle’s Bookmakers.
Following Boyle’s announcement, Ireland’s leading bookmaker Paddy Power also confirmed they will waive the tax on off-course betting.
"We are happy to absorb the new 2 per cent taxation and offer tax-free betting in all of our 123 shops across the country," confirmed Ross Ivers, Group Finance Director of Powers Leisure plc
"Obviously we would have preferred the Minister to announce a 4 per cent reduction to 1 per cent," continued Ivers who echoed the earlier thoughts of Boyles.
Paddy Power boss Stewart Kenny was quoted in Tuesday’s Racing Post as saying that "if the tax is only reduced to 2 per cent, we feel we would have no choice but to charge punters the full tax".
That is no longer the case and now, as Ivers puts it, "the 400,000 punters who already bet in our shops will benefit from tax-free betting the same way as our customers who avail of the existing tax-free online and phone service."