Paddy Power Betfair said it has noted the Government's decision to increase the rate of betting tax from January 2019.

The bookmaker chain said the rate of betting duty is to increase from 1% to 2% of sports betting stakes from Irish customers and will apply to retail, online and telephone sportsbooks

Betting exchange commissions will also rise from 15% to 25% from Irish customers.  

Paddy Power Betfair said that if these increased rates had applied to its Irish sportsbook stakes and exchange revenues in the 12 months to the end of June, it would have paid an additional £20m of betting duty.

Paddy Power shares were down almost 5% in Dublin this evening.