BoyleSports acquires 18-shop Irish bookmaking chain Bruce Betting
MID-SIZED Irish bookmakers Bruce Betting is to be acquired by BoyleSports, Ireland’s largest independent betting chain.
Bruce Betting has 18 outlets across the country in locations such as Rush, Co Dublin, Bray, Co Wicklow, Maynooth, Co Kildare, and Mullingar, Co Westmeath.
The chain had previously expressed concern about changes to betting tax made in last year’s budget.
Thomas Byrne, the managing director of Bruce Betting, said at the time that he would have to decide whether about four of the firm’s 18 outlets will be able to continue trading after the tax hike comes into effect.
Established in 1977, Bruce Betting supplies odds to many other independent bookmakers and also has an online presence, including an app.
In Budget 2019, Finance Minister Paschal Donohoe raised gambling duty from 1pc of turnover to 2pc.
The increase was met with anger by the sector when it was announced.
A tax break for bookmakers from paying the 2pc betting tax up to a limit of €50,000 was announced in Budget 2020. This will benefit small shops but not mid-sized companies.
The betting tax is expected to bring in around
€95m to State coffers this year.
Dundalk-based BoyleSports recently agreed to buy five Galway-based shops owned by Mulholland Bookmakers.
In June, it entered the UK retail market with the acquisition of 13 stores.
BoyleSports has long held ambitious plans for the UK and has invited other regional firms interested in a sale to make contact. It is already in talks with a number of targets.