Irish online point of consumption tax kicks in Aug. 1; Paddy CEO gets 30% pay raise

Paddy Power CEO Andy McCue (pictured) got a 30% pay bump since assuming the chief executive role on New Year’s Day.

McCue’s pay rise was revealed this week via the release of Paddy’s 2014 annual report (ever so humbly titled “The Year Paddy Power Saved The Earth.”) McCue’s base annual salary now tops €700k, only €80k less than his predecessor Patrick Kennedy was earning when he hung up his spurs last New Year’s Eve.

Paddy enjoyed record betting turnover of €7b last year, a 16% gain over 2013. Revenue rose 18% to €881.6m, only slightly less than the sum Paddy plans to return to shareholders in the form of dividends over the next few years, pending shareholder approval at Paddy’s annual general meeting next month.

Paddy might want to hold off on making it rain, given that Ireland’s new point-of-consumption regime now has an official starting date. The Irish government announced this week that their new POCT would take effect Aug. 1, after which all Irish-facing online operators will pay a 1% turnover tax – or 15% of betting exchange revenue – on all wagers taken from Irish punters.