Monday April 6, 2020

Online profit exposes Paddy Power to 'tax cliff'

British government plans to introduce taxes on online gaming by the end of 2014 could hit Paddy Power hard, writes Jon Ihle.

17th March, 2013
Patrick Kennedy, chief executive of Paddy Power.

Paddy Power's success in online betting could prove a hindrance in the coming years as the British government prepares to introduce taxes on online gaming by the end of 2014.

According to analysis by Davy, Paddy Power is one of the most exposed bookmakers in the British market, as its share of online earnings as a percentage of total earnings is nearly 45 per cent. Nearly €70 million of Paddy Power's British earnings came from online...

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