Power Leisure, which owns Paddy Power bookmakers, said it will not move its online betting division from Britain, despite the reduction of netting tax in the Budget.
Yesterday, Minister for Finance Mr McCreevy reduced betting tax from 5 per cent to 2 per cent, effective from May 1st 2002.
In a statement the company said: "Historically, a reduction in betting tax has led to an uplift in betting turnover. However, given the small scale of the reduction it is difficult to quantify its potential impact".
Power Leisure will now consider whether it is viable to subsidise the 2 per cent betting tax for its customers in Ireland.
READ MORE
The company confirmed that since October, 25 per cent of turnover has been routed through Britain.
:quality(70)/s3.amazonaws.com/arc-authors/irishtimes/64c7504b-f9dd-4cbf-ad7c-534bbb1857e7.png)