Dara Calleary (Mayo, Fianna Fail)
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Question 129: To ask the Minister for Finance the level of potential revenue losses to the Exchequer as a result of on-line betting; and if he will consider addressing the issue. [16365/12]

Michael Noonan (Limerick City, Fine Gael)
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The proposed Betting (Amendment) Bill, which is being drafted at present, will amend the 1931 Betting Act to inter alia establish the regulatory framework for the licensing of remote bookmakers and betting exchanges, including measures to enforce the regulatory framework. The drafting of the Bill, which is fairly complex, is well advanced and it is my intention to publish the Bill in the second quarter. The Finance Act 2011 contained measures to allow for the extension of the 1% betting duty to remote bookmakers and for a 15% gross profit tax to betting exchanges. The taxation provisions are subject to a Ministerial Commencement order which can only be commenced when the Betting (Amendment) Bill is enacted. It is estimated that the full year yield from the taxation of remote betting would be around €20 million.