Australian tax changes affect Paddy Power projections

first_img Australian tax changes affect Paddy Power projections Subscribe to the iGaming newsletter 12th June 2018 | By contenteditor Paddy Power Betfair’s earnings could drop by almost 1.5% due to the new Point of Consumption (PoC) Tax in Australia, according to an analyst’s projection Topics: Finance Sports betting Paddy Power Betfair’s earnings could drop by almost 1.5% due to the new Point of Consumption (PoC) Tax in Australia, according to an analyst’s projection.Davy stockbrokers said the earlier-than-expected introduction of the 15% tax on online betting in Queensland could be detrimental for PPB’s balance sheet.The tax was not expected until next January, however the tax has now been scheduled for October 1.In a note issued on Tuesday, Davy said the earlier introduction now reduces the 2018 forecast to £471m (€535m/$630m). The company’s 2019 earnings could also be decreased by £57.3m.Related article: Australian Capital Territory introduces 15% POC gambling tax Email Address AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Financelast_img read more