Paddy Power Betfair plc (LON:PPB) noted the announcement today by the Irish Government in its 2019 Budget that it is increasing the rate of betting duty payable, with effect from 1 January 2019.
The rate of betting duty is to increase from 1% to 2% of sports betting stakes from Irish customers (applies to retail, online and telephone sportsbooks) and from 15% to 25% of betting exchange commissions from Irish customers.
If these increased rates had applied to the Paddy Power Betfair Irish sportsbook stakes and exchange revenues in the 12 months ended 30 June 2018 we would have paid an additional £20 million of betting duty.
