Boylesports says tax on bets will cost jobs

Ireland’s largest independent bookmakers said that the new tax measure will hit jobs.

Ireland.- After the Minister for Finance announced that the Budget 2019 will feature an increase from 1% to 2% in betting tax, operators are worried that it will cost them jobs. BoyleSports, Ireland’s largest independent bookmakers, has already warned its staff that the new measure will hit the industry.

It is estimated that more than 350 bookmakers could close under the new betting tax and that job losses could reach 2000, The Independent reported. Boylesport, which has recently opened its 250th store, is currently reviewing all its options and shops as a result of the budget announcement.

“We are committed to making Government and all relevant agencies understand the impact this poorly-considered policy will have on the sector, our business, us and our families. We will take all steps available to safeguard our business, our industry and most importantly the employment of all our people,” said Boylesports’ management in a letter to its staff.

Ireland’s Minister for Finance, Paschal Donohoe explained that the government’s priority has been to level the playing field by extending the tax to remote bookmakers and exchanges. “This was achieved in 2015 and I believe it is timely to increase the tax from 1% to 2% on amounts wagered in the state. In addition, betting duty on the commissions earned by intermediaries, or exchanges, will increase from 15% to 25%. These increase will take effect on January 1st and will generate an additional €40 million in 2019 and €52 million in a full year,” said Donohoe.