Boylesports, Ireland’s second largest bookmaker, has warned its staff that jobs are at risk following the government’s decision to double the nation’s betting revenue tax to 2%.
Last week, Ireland’s Minister of Finance Paschal Donohoe delivered a damaging budget for industry stakeholders, implementing higher taxes on retail and digital betting verticals.
Dundalk-headquartered Boylesports, which operates 250 betting shops across Ireland, is reported to be reviewing all retail options with regards to countering the government’s tax increase.
It is believed that Boylesports governance and Irish betting incumbents will seek to challenge the Irish Department of Finance’s decision before Ireland’s new budget is passed into law.
Boylesports released the following communication to staff: “We are committed to making Government and all relevant agencies understand the impact this poorly-considered policy will have on the sector, our business, us and our families.
“We will take all steps available to safeguard our business, our industry and most importantly the employment of all our people.”
Last week, speaking on behalf of associate members, Sharon Bryne, Chair of the Irish Bookmakers Association (IBA), stated that the government had been careless in introducing its new tax charges.
Furthermore, the IBA branded the government’s €50 million tax income as a ‘fantasy target’, as the Department of Finance had failed to consult the Irish betting industry.
“Already since the Budget measures were announced, I have spoken to a number of small independent bookmakers, some of whom have been in business for more than 40 years, who now believe they have no option but to let their staff go and close their doors,” she said.
“We predict that there will be 300 shops closed when the tax is enacted with the loss of at least 1500 jobs.”