We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Fancy a flutter?

Minister supports doubling of betting tax to fund Irish horseracing industry

The minister for agriculture Simon Coveney says the current financial climate would make it difficult to continue to subsidise the industry.

THE HORSE RACING industry in Ireland should be funded entirely through a doubling of the betting tax according to the minister for agriculture Simon Coveney.

Coveney, who has responsibility for the sector, has told the Sunday Business Post that he would support the doubling of the current 1 per cent tax on betting as recommended by the recent McCarthy report.

The money would replace the current subsidy the State pays to the Horse and Greyhound Fund. The government is expected to publish legislation within weeks to extend the current rate to online and phone betting.

The betting tax has been reduced from 10 per cent to 1 per cent over the past 15 years with total tax take falling by almost half in the past 20 years.

Read more from Niamh Connolly in today’s Sunday Business Post >

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.