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Spread betting is becoming increasingly popular in Ireland due to the opportunity it provides to make short term tax free* profits. A number of traditional share dealing companies and bookmakers like Paddy Power have now launched own spread betting platforms.
It's not always profits, Irish spread betting firm, Worldspreads, were running heavy losses but has now become a profitable business due to the volume of spread bets being traded.
The increase in popularity of spread betting (financial and sports), is due to the many advantages it offers.
To start with, when compared to the traditional stock market, UK and Ireland spread betting transactions offer attractive tax benefits*. Spread bets are currently exempt from capital gains tax in the UK. Also, a spread bet isn't subject to stamp duty like shares. It can be a low cost way to trade. In addition there are no broker fees. Your cost is proportional to the width of the spread itself. That is why traders are constantly seeking 'tight' or 'narrow spreads'.
Financial spread betting companies offer investors betting options on a variety of markets. You can trade in shares, stock market indices, stock market sectors, commodities, forex, and bonds. The spread betting mechanic is the same in each market.
Paddy Power Trader
It's interesting to see Paddy Power coming into the market. Ireland's biggest bookie, in conjunction with LCG have created Paddy Power Trader.
Paddy Power Trader offers all the normal advantages of financial spread betting including Tax Free Investments* (no income tax, no capital gains tax, no stamp duty), there are no trading commissions or brokers fees and they offer a wide range of financial spread betting markets.
Apply for a Paddy Power Trader Account
You can spread bet on stock market indices including all the global indices such as the FTSE 100, German Dax 30, French CAC 40, Japanese Nikkei 225 and the US indices, Dow Jones, S&P 500 and the Nasdaq 100.
Rather than speculate on the whole market, if you think a particular Sector eg UK Pharmaceuticals, is going to perform well or poorly you can trade on the Sector with one bet. Spread betting on 'Sectors' allows you trade in sectors such as 'UK Oil/Gas', US Banks, UK Retail etc.
Spread bets are also offered on interest rates, government bonds such as UK Gilts, US Treasury Bond and German Bunds.
Before you start trading you need to fully understand the nuances of spread betting, whether you're betting with a UK spread betting company or a spread betting company based in Ireland.
Clean Financial addresses many of your queries and concerns and starts off with the basics, such as 'What is spread betting?', 'Is it suitable for me', 'What are the risks involved' and many other interesting articles. Make the most of the spread betting tips, news, views, analysis, reviews, articles and spread trading strategies in order to increase your potential profits.
Apply for a Paddy Power Trader Account 'Ireland Spread Betting' by DB, updated 26-Oct-07
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Risk Warning: Spread betting carries a high level of risk to your capital and you may lose more than your initial investment. It may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
* Tax law is subject to change or may differ if you pay tax in a jurisdiction other than the UK.
