On 14 April 2015, the Minister for Finance signed a commencement order for the Betting (Amendment) Act 2015 (the “Act”). The Act came into operation on 15 April 2015, while several aspects of the new regulatory regime commenced on the 1 August 2015.
Purpose of the Act
The main purpose of the Act was to bring betting intermediaries (i.e. betting exchanges) and remote bookmakers (i.e. internet and mobile betting providers) within the scope of the existing licensing regime, while it extends the existing 1% turnover tax on landbased bookmaker’s activities to online and mobile bookmakers. The Act also implemented the 15% commission tax for betting exchanges, which was initially tabled in 2011.