Paddy Power to move offshore - another huge blow for Ireland's economy?

netnerd

Reported in todays Racing Post that Power's will move offshore.

No link on internet yet...what do board members make of the news?

RichieD

Source ?

netnerd

today's Irish edition of the Racing Post.

Mellor

I'm surprised it took so long.
Most, or rather all, the biggest gambling sites are based out of various islands (or rocks) to take advantage of legislation. Countries that make it awkward for these sites to run only have themselves to blame. The amount of cash being transfered at the likes of Pokerstars, or Betfair is huge and can't to subject to the same taxes.

I imagine the above only applies to PP online and support. The shops are obviosu still considered on-shore

8-10

Mellor wrote: »

I'm surprised it took so long.
Most, or rather all, the biggest gambling sites are based out of various islands (or rocks) to take advantage of legislation. Countries that make it awkward for these sites to run only have themselves to blame. The amount of cash being transfered at the likes of Pokerstars, or Betfair is huge and can't to subject to the same taxes.

I imagine the above only applies to PP online and support. The shops are obviosu still considered on-shore

Isn't it already registered on the Isle of Man? Is this move different?

Kod-box

Their head office is in Dublin though i think, would be a fair few job losses if it did move i'd imagine, PP usually pride themselves on giving back to the economy too, all the lads that compile the betting in running odds etc are working here afaik, and the live help etc.

radharc

They are not moving anywhere yet, it's basically a threat to try dissuade the government from introducing a betting tax in the budget.

725 people employed in Tallaght, would be a massive loss if they did move.

okidoki987

Share price is well down at €24.80 over last few days.
Make you wonder how the Government will do it.
A bookie registered in another country won't be bothered sending the Irish Government any paper work, let alone 2% of the Irish punters win.
2% of the win is along the same lines as Betfair so people on the Net are well used to it, just wonder what the guy who has a bet in a shop every day will do if he's losing 2% of his win going forward.
AFAIK most if not all major bookie chains are registered in different countries like IOM & Gibraltar.
Gambling has been hit hard like most other forms of entertainment (drinking & going out), we'll see exactly how hard when Betfair floats.
The proposed prices being thrown around only value it at around the same price it was in 2006.
Interesting times ahead.