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Irish government to raise tax on betting

16 Oct 2008

DUBLIN, Ireland -- As reported by Bloomberg: "Ireland's government plans to double the country's tax on betting

"...The tax on betting will rise to 2 percent from 1 percent, Finance Minister Brian Cowen told legislators in Dublin today.

"An increase of that size would raise Irish bookmaker Paddy Power Plc's betting duty bill to about 20 million euros ($27 million), leading to a 'significant' impact on profitability, analyst Gavin Kelleher at stockbroker Merrion in Dublin said in a note before the budget was published.

"...U.K. bookmakers William Hill Plc and Ladbrokes Plc also have stores in Ireland..."

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