In the Irish 2011 Budget  (7th Dec 2010) – it was announced that Ireland will be applying Betting Duty to Offshore Betting (Online or Telephone )

Betting Duty is currently 1% and only applies to bets placed in betting shops.

The Irish  Government now intends to include provisions in the Finance Bill and revise the Betting Act 1931 to ensure that all bookmakers taking bets from Iris customers will pay 1% betting duty

Betting Exchanges will also be subject to a tax under the new arrangements but the calculation of the tax will differ from that applying to bookmakers.

The Government expect  to get as much as  €20 million a year from this tax.

In Italy – they recently introduced a similar tax on business with Italian customers at between 2% and 5%. The UK is also looking at bringing in similar taxes.

Spread Betting on financial markets is growing in popularity in Ireland. If you have some  money you’re willing to invest then the potential for a handsome return is out there. Spread betting is a tax free , cost effective alternative to traditional share trading. It allows you to speculate on the movement of stocks and shares without using a stockbroker, so you don’t have to pay any commission or fees. All spread trading profits are recognised as the winnings of a bet, and are exempt from Capital Gains Tax and Income Tax and Stamp Duty

Where can you do online Spread Betting in Ireland?

Paddy Power Trader allow spread betting on financial markets . They have loads of information and advice for beginners to financial spread betting. You can open a demo account to try your luck or skill out.
Paddy Power offer 24 hour trading, allowing you to trade from midnight on Sunday to market close on Friday on selected markets, including many currencies and the major US indices. Last week (October 2010) – they  launched CFD trading .

WorldSpreads was one of the first Irish companies to offer spread betting online.

Betfair – the well known betting exchange – has a facility called Tradefair Spreads which  offers the facility to spread bet on a wide range of products from the UK and international financial markets. These include major indices, currencies, equities, commodities and treasuries. It is open to Irish residents and you can choose to have a Sterling or Euro account.

People all over Ireland are spread betting – and all types of people are doing it – from farmers , students to company directors and accountants.
It does not take large amounts of money to get started, (unlike share dealing) . Depositing and withdrawing funds is easy, and the tax-free element on profits made make it an even more attractive proposition.   Some people make a living from “day trading” -  while others trade US equities in the evenings, or spend a day or two each quarter trading to try and pay for their next holiday.

There is risk involved of course – and it is recommended that you start spread betting with a demo or dummy account to try things out.

Find Out More About Financial Spread Betting Here