iGaming Business – A new online betting tax that has been introduced in the Republic of Ireland is set to raise an additional €25 million ($31.6 million) per year for the country.

According to the Irish Examiner newspaper, national Minister for Finance Michael Noonan has been attempting to introduce the new tax since assuming the official position more than three years ago.

The new levy on online transactions will mainly target foreign-based bookmakers that offer remote services to customers based in the country.

Such operators currently benefit from a relatively tax-free regime, which in turn means Ireland misses out on millions of euros worth of tax each year.

Under the new law, which will be introduced via the enactment of the Betting (Amendment) Bill 2013, remote bookmakers and betting exchanges providing betting services will be required to obtain a licence in Ireland regardless of whether they have a physical presence in the country.

Such operators will also be liable to pay tax on betting transactions with Irish punters.