Paddy Power Betfair hit as Ireland doubles gambling tax Oliver Gill, The Telegraph · October 10, 2018 at 12:12 am More than £250m was wiped off the value of FTSE 100 bookie Paddy Power Betfair after the Irish Government announced plans to double betting duties. Finance minister Paschal Donohoe said Irish turnover tax will rise from 1pc to 2pc for both retail and online bets from next year. Duties levied on gambling exchanges – where bookmakers match wagers between customers – will increase from 15pc to 25pc. Irish gambling leaders warned the tax hike would “kill the industry”. Paddy Power Betfair, the largest operator across the Irish Sea, estimated this would increase its annual betting duty bill by £20m. Shares fell by 5pc.