Bet-tax pledge secures 600 bookies jobs
BOOKMAKERS Paddy Power agreed to create 600 new jobs here after getting reassurances from the Government that it would not be unfairly hit by the new betting tax.
The company had expressed concern at the Government's plan to extend the 1pc betting tax to online betting, given that eight out of the top 10 internet betting operators here were based overseas.
It is understood that the Government gave the company reassurances that it would be treated equally -- and that this played a role in its decision.
The 1pc online betting tax has not yet been introduced, but it is due to apply to all online bets made in this country, regardless of whether the operator is based here or overseas.
The company's spokesman Paddy Power said it was "happy enough" with the proposed new online betting tax as long as there was a level playing field.
He said the new tax would cost the company around €6m.
It is the second big jobs announcement for Ireland this week, after the Kerry Group revealed 800 posts will be created by 2015, and a further 160 when a new plant in Co Kildare is fully operational.
The 600 new jobs in Paddy Power covering e-commerce, technology, social media, quantitative research, risk management and online marketing, will support Paddy Power's international online expansion.
Taoiseach Enda Kenny said the news highlighted the strides Irish companies are taking in e-commerce and technology.
"Paddy Power's announcement shows how Irish companies can embrace change and respond to new opportunities," he said.
The new jobs will be filled by the end of 2015 and based in Power Tower in Clonskeagh, south Dublin. Another 189 employees have been taken on since the beginning of April -- an average of 30 new jobs per month. It will bring the total employment by Paddy Power in Ireland to 2,783.
Paddy Power chief executive Patrick Kennedy said the firm is hiring at an increased rate and investing heavily in e-commerce to capitalise on emerging opportunities around the globe as more countries license online betting and gaming.