Online Gambling Tax Ireland
The island of Ireland consists of two different countries: Northern Ireland and the Republic of Ireland (hereinafter called ‘Ireland’). The latter one has a population of more than 4.6 million people, and its total land area covers approximately 70,200 km2. Ireland doesn’t form part of the United Kingdom, and its capital city of Dublin has a population of nearly 553,000 people. In addition to its EU membership, Ireland is also a member of the United Nations. Irish is the national and first official language, while English is the second official language.
Most people associate Ireland with beer, the green Shamrock, and folk music. The Irish affectionately call their famous stout beer ‘the black stuff’, which refers to its dark color. Saying that Guinness is the country’s most internationally recognized symbol would go down as the understatement of the day. Ryanair and Primark, both low-cost companies, are two other examples of famous Irish brands.
Nearly every type of gambling is legal in Ireland, including land-based casinos, lottery games, and sports betting. It’s an open secret that British have a weak spot for betting on sporting events, and the Irish are certainly no exception.
Irish gambling fans can also enjoy online games of luck as well, which is completely legal on the Emerald Island. The government of Ireland grants licenses to operators of online casinos and sportsbooks. On top of all that, Irish gambling enthusiasts can freely play at foreign-based gaming sites, including internet casinos and online sports betting.
Office of the Revenue Commissioners. Reminder - CGT deadline. If you sold, gifted or transferred an asset between 1 January and 30 November 2020, the deadline for payment of any Capital Gains Tax due is 15 December 2020. Ireland to Tax Online Gaming. Minister for Sport Martin Cullen threatened to ban online poker and gambling in Ireland if bookmakers did not pay more money to the Exchequer for the Horse. Ireland’s plan to impose a one-percent tax on bets made online or over the phone from customers based in the country has been delayed into 2015, according to reporting from Reuters.
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Many forms of gambling and games of chance have long had a place in Irish culture. The expression ‘the luck of the Irish’ is a testament to their inborn fascination with all kinds of gambling. Local gambling devotees can choose from many games of chance, both online and at brick and mortar establishments. The popularity of internet gambling and sports betting continues to gain popularity, and Irish should certainly check out this trio of premium online gaming sites:
Popularity online casinos in Ireland explained
It would be a gross understatement to say that the Irish love a gamble, which explains the huge popularity of gambling and sports betting in the ‘land of the leprechauns’. Based on the purchasing power parity (PPP), Ireland is a wealthy country, as its PPP equals 345 percent of the world’s average. The Irish gross national income (GNI) per capita however, is below the average of the Organisation for Economic Co-operation and Development (OECD) countries.
Since 1960, the Irish economy has shifted from middle income to high income. In the nineties, the economic development accelerated, and employment nearly doubled. Ireland benefitted from the single market in Europe as many globalizing companies settled in Ireland. Its knowledge-based economy consists of multiple flourishing industries, including services (e.g. financial) and high-tech (ICT).
The Irish economy also benefits from the low corporate tax, which has lured many leading companies, including Twitter, Facebook, LinkedIn, and Google. That’s why Ireland is referred to as a tax haven.
After impressive growth numbers, 7 percent between 2001 and 2004, and 10 percent between 1995 and 2000, the Irish economy entered a recession in 2008. The EU and the International Monetary Fund (IMF) rescued the Irish economy with an extensive bail-out package. In 2013 however, growth returned (+1.1 percent), followed by a 4.8 percent expansion in 2014. Things got even better as the Irish economy posted an impressive 26.3 percent growth in 2015. The employers’ group Ibec has downgraded the expected expansion to 2.8 percent for 2018, with the same applying for the 2017 projected growth (3.7 percent).
Also in terms of unemployment, Ireland is making progress, as the jobless rate has dropped to the lowest rate since 2008. Market watchers expect the unemployment rate to fall below 7 percent by the end of 2017.
After a penetration rate of 61.2 percent in 2007, more than 81 percent of the Irish population has access to the internet in 2017. The usage of mobile devices, e.g. smartphones and tablets, continues to grow in Ireland. Indeed, more than 87 percent of the population owns a smartphone. Considering the Irish’ love affair with all sorts of gambling, it doesn’t come as a surprise that both internet gambling and online sportsbooks are hugely popular in the ‘land of saints and scholars’.
Gambling and online casinos in Ireland
So, it’s crystal clear that the Irish have a weak spot for games of luck, with a strong rise in its online variant. This is why so many gamblers from all over the world have embraced the exciting world of virtual gambling:
- A myriad of rewarding bonuses
- Smashing promotions packed with cool prizes
- Dazzling payouts, and life-changing jackpots
- Entertaining online casino games loaded with cool features
- Very lucrative loyalty programs
- Vibrant live online casino portals
How to deposit money in an online casino when I’m from Ireland?
Another cool feature at online casinos is the ability to play for free. However, gamblers who like to win some real cash have to play for real money. Online gaming sites are also famed for the huge number of user-friendly and quick payment systems, for example these secure methods:
- Credit cards, such as Maestro, Visa, and MasterCard
- E-wallets, e.g., Skrill, and Neteller
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According to RTE, Taoiseach Brian Cowen recently announced that the Government will be taxing online betting of all forms.
Legislation is to be brought in which will see the introduction of licenses for overseas betting providers in order for them to be permitted to sell their products in Ireland.
Cowen said, 'This will have the additional benefit of facilitating the extension of the tax regime for the betting industry to all those providing online and telephone betting and so underpin funding for the racing industry.
Online Gambling Tax Ireland 2020
“Such betting must be brought within the tax net, not just because it will increase revenue, but also because it will mean that those currently not contributing to securing the future of important indigenous industries will now make that contribution.”
Online Gambling Tax Ireland 2019
Last year, Minister for Sport Martin Cullen threatened to ban online poker and gambling in Ireland if bookmakers did not pay more money to the Exchequer for the Horse and Greyhound Racing Fund. This tax alternative could now be seen by some as the lesser of two evils.