Punters Can Claim More Financial Breaks From Online Bookmakers

Punters can now claim more financial breaks from online bookmakers. This is an outcome of the Bega Online Gaming ban, which has been in place since early in 2006. Although this was a flawed policy decision, the interpretation of the ban has restricted the amount of financial freedom for Irish gamblers. It has also driven gamblers to alternative bookmakers where they could still bet on sports, horse racing and other exotic bets.

The introduction of the 50% extra tax-free capital gain rate to online gambling games has ensured that online bets will attract a higher percentage of tax compared to physical gambling. Although this would apply to only a few online bookies, this is enough to drive gamblers to other bookmakers. The capital gains rate is quickly deducted from the actual profits of the bookmaker and therefore generates a small profit for the bookmaker. In comparison to Bega’s Gaming Commission staggering tax-free profit, the additional tax is not that significant. Punters

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However, Ireland is not the only country to have considered and implemented tax-insurance sales strategies. In late 2004, the Finnish government launched a massive publicity campaign targeting foreign online bookmakers with the introduction of a landmark law called the Integrity of Competition Act. The Act provided a further simplified legal structure that has enabled Finnish companies to become increasingly more competitive in their pricing of online bets.

The problem in many countries is that tax-insurance sales are seen as a means to raise funds for cash-strapped governments. However, this is far from the truth, and should be seen as a very creative way to raise markets in a competitive industry. The integrity of markets and the prevention of money laundering is of great importance to online bookmakers. Unfortunately, the issue of money laundering was overshadowed by the UIGEA, which failed to include online gaming in its indiscriminate ban on financial transactions from U.S. financial institutions. It remains to be seen whether the ban will have any effect on the industry, as the ban seems aimed at institutions and not the individuals who make use of online bookmakers.

Can Claim More Financial Breaks From Online Bookmakers

Despite the ongoing problems, Ireland has continued to attract foreign capital into the Irish gaming industry. Thessalon Greyhound Racing Ireland, the industry’s leading lights, recently signed a Memoranda of Understanding with the Howardsleaf Racing Club and launched its new Nexgen World Series Greyhound Racing Ireland. The new agreement will see each of the parties agree to remove any tax barriers in respect of cross-strait betting, removing the legal uncertainty faced by bookmakers in the Republic of Ireland.

With the introduction of theiscuable premium tax exposure, Ireland bookmakers are now able to offer an expansion of betting options to the Irish public. This along with liberalized EU betting rules, has led to what has been described as a dual tax status for the Irish: a British financial capability based on tax law, and an European financial capability based on the commonly used Rome Statute.

Of the many changes Ireland has undergone since the passing of the UIGEA in October 2007, none has been as sweeping as the ban on financial transactions with U.S. financial institutions. Although Irish citizens cannot participate in most online betting activities, including betting on horse racing, soccer, baseball, and golf, online gaming is still permitted in Ireland. This opens the door for a number of lucrative opportunities in Irish tax-free gambling markets.

The future of the Gaming Act of 2005, and the reading of the Gaming Act, has been in the hands of the Tax Commission. The aim of the legislation was to strike a new revenue-generating balance in the Irish economy, by encouraging gambling revenue. Instead, the legislation has so far done the exact opposite. The legislation includes a pre-commitment rule, which allows the introduction of an advance in Irish tax revenues, in line with pre-commitment revenue Sharing arrangements between member states of the European Union. The outcome of any review of the Gaming Act, which will be conducted byially, is due by mid-April, and the government is keen for the review to be completed as quickly as possible. Punters

It is little wonder that many leading members of the gaming industry have called on the government to allow casino games to be played in Ireland. Ireland is consideredto be the next hub for the gaming industry. A report by the Irish Gambling Commission shows that reasons for growth in Ireland gaming were a welcome boost, following a period in which there were fewer new gaming venues in the country. In the most recent quarter, the number of places licensed for casino gaming increased by almost 40% to almost 350, following the launch of around 400 new gaming venues.

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