Last week Ireland's Taoiseach Brian Cowan announced legislation licensing and taxing online gambling operators would be fast tracked through Parliament.
The legislation draft is yet to be completed and will no doubt change considerably as it makes its passage through Parliament, but presently a 1% tax on turnover is contemplated. Operators will need to apply for an Irish online gambling license and will not be able to advertise and their product to Irish residents without one.
About a year ago Minister for sports Martin Cullen announced that online sports betting organizations would need to help subsidize the ailing local racing industry, and Ireland have been considering licensing and taxation regimes for internet gambling firms for some time.
But one of Ireland largest sport betting firms, Paddy Power have come out in opposition against the proposed measures.
Speaking at the company's AGM this week, Paddy Power CEO Patrick Kennedy called it a 'charade' saying it would threaten plans for expansion and creation of 350 jobs.
'It looks like prize money for wealthy horse owners is more important to the Government than jobs in Tallaght.'
Despite generally gloomy economic conditions, Paddy Power has managed to grow its sports betting turnover by almost 20% over the last year.
To visit Paddy Power, click here.
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