Ireland Gambling Tax
Gambling is big business and is becoming almost a part of everyday life in Ireland. The market is estimated at around €1.1 billion per year.Sixty-five million euros of this is thought to come from casinos or private members clubs; a whopping €134 million from gaming machines; €8 million euros from bingo; €310 million from lotteries; and €315 million from land-based betting. There is a big difference in taxation in terms of trading and recreational gambling. Let’s discuss if your gambling rewards are taxable in Ireland. It’s a given that your winnings from lotteries and sports betting are not subject to Ireland’s capital gains tax. It’s good news for gambling aficionados and casino enthusiasts.
In countries where gambling is legal, government revenue from the gambling industry has been rising rapidly. Ever since the advent of the Internet, the gambling industry has grown significantly.
In the UK, for example, between 2009 and 2010, four percent of adults had placed at least one bet online. Today, that percentage is nearing 8%.
The gambling industry, since its inception, has found new ways to take advantage of new tech developments. The industry is evolving rapidly. Websites that feature, for example, information on best betting apps, have to update their data much more frequently today than before.
Gambling is the act or practice of playing games of chance for a stake. In the vast majority of cases, the stake is money. However, it could be any possession, including the ‘shirt on his back’ if the gambler has run out of money.
Nevada revenue from gambling industry
Nevada is a western US state with a population of nearly three million. Its most famous city, Las Vegas, is home to many 24-hour casinos. The Nevada Gaming Commission says that in the Las Vegas strip area alone, there are 45 casinos.
In 2017, Nevada casinos generated $26.2 billion (€23.05bn, £20.06bn) in gambling revenue. This represented a 3% increase compared to 2016.
The total was a new record and meant that gambling tax receipts were once again higher than they had been before the 2007/8 Global Financial Crisis.
UK Government revenue from gambling industry
In the UK, the gambling industry is huge. In 2017, government revenue, i.e., tax, from the gambling industry, reached £13.8 billion.
Ireland Gambling Taxi
Ten years ago, gambling laws in the UK were liberalized. Since then, tax revenue from gambling has risen by 65%.
The Gambling Act 2005 came into force in 2007. It allowed TV advertising for sports betting, poker, and online casinos. In other words, it meant that betting firms had direct access into our homes.
Government income from online betting, rose from £817 million in 2009 to £4.5 billion in 2017, says The Guardian. Today, online betting represents more than one-third of the UK’s gambling industry.
Ireland to double gambling tax
Ireland Gambling Tax Rate
Gambling tax in Ireland is set to double from one to two percent for both online and retail bets. Duties that the government levies on gambling exchanges will also rise, from 15% to 25% – this is when betting shops (bookmakers) match wagers between customers.
Ireland Gambling Taxes
The Irish gambling industry warns that the new taxes will ‘kill the industry.’ The Telegraph quotes Paddy Power Betfair which said the new taxes would increase its betting duty bill by £20 million.