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, with several aspects of the new regulatory regime set to commence on 1 August 2015.
Purpose of the Act
The main purpose of the Act is 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 will extend the existing 1% turnover tax on land-based bookmaker’s activities to online and mobile bookmakers. The Act also means that the 15% commission tax for betting exchanges, which was initially tabled in 2011, can now be finally implemented.