Ireland has confirmed its intention to double bookmakers’ gambling taxes, while online betting exchanges are also facing steep hikes in commissions.

On Tuesday, the Irish government confirmed rumors that it was doubling its gambling tax from 1% of sports and race betting turnover to 2%. Betting exchanges will see their tax rise from 15% of commission from Irish punters to 25%. Both changes will take effect on January 1, 2019.

In a budget speech to Irish legislators on Tuesday, Minister for Finance Paschal Donohoe said the gambling tax hikes were “timely,” as it’s been 13 years since the government halved taxes to 1%. A condition of that tax cut was that bookies were to bear the full cost of the taxes themselves, and Donohoe failed to specify whether bookies will be permitted to pass some of the new increased tax burden on to their punters.

The Irish Bookmakers Association (IBA), which has seen 450 betting shops close its doors over the last eight years, represents around 700 of Ireland’s remaining 855 betting shops. IBA spokesperson Sharon Byrne said her group expected “around 300 shop closures” in the new year, with each closure taking “at least five” jobs down with it.