Bet tax to be slashed to 8%

The government is reported to be close to tabling new legislation, slashing the bet tax on fixed-odds games like football, FI and other international sports from 25% to 8%. The bet tax on local horse racing games is also set to be reduced from 10% to 3%.

Under the proposal, the reduced bet taxes will be paid by the betting companies as opposed to the norm now, whereby the tax is paid by the punters.

The draft bill will also increase the penalties for organising and running illegal bets from one year to five year imprisonment, plus financial penalties.