The Irish Government have submitted the final revision of its proposed Betting Bill to the European Commission (EC). Irish ministers are hoping to implement remote betting regulations and taxes on the online gambling industry by the end of 2014.
The Bill will be reviewed by the EC, in order to comply with European anti-monopoly and ethical business practices. The EC could take up to three months to review the amendments to the Irish Betting Bill.
The Bill, will set out the Irish Governments agenda and policy on the regulating and taxing online betting operators. If approved by the EC operators will have to give up 1% of their Ireland-derived revenues while online betting exchanges will be subject to a tax of 15% of Ireland-based commission charges.
Amendments to the Bill, will see tax collection of betting operators, being undertaken by the Revenue Commissioners instead of the Department of Justice, after ministers decided that the department did not have the resources to carry out collections.
Irelands gambling industry had hoped the new Bill would be in place before the start of the parliamentary summer recess. However due to the involvement of the EC, it is likely that the implementation of the Bill will be delayed.