Budget tax cuts only for the smallest bookmakers, says IBA

The chair of the Irish Bookmakers Association Sharon Byrne believes proposed tax cuts designed to help the Irish betting industry will be of benefit only to the country's smallest, independent operations.

The IBA's response comes after finance minister Paschal Donohoe revealed a two per cent tax cut on the first €50,000 of turnover for all Irish bookmakers in an effort to alleviate pressure on smaller firms, as part of his 2020 budget.

Byrne, whose membership have closed 36 shops this year, said: "This is a slight attempt to correct the effects of the betting tax increase announced last year.

Sharon Byron, chairperson of the Irish Bookmakers Association, is not impressed by the new €50,000 tax reliefCredit: Patrick McCann

"The minister's decision is going to help only those bookmakers with one or two shops and all other independents with more shops are going to be at a serious disadvantage.

"The doubling of the betting tax has backfired 100 per cent. Over 30 shops have already closed this year and many more will close. In overall terms the situation has been made worse by the budget announcement. We will be meeting next week to discuss the situation."

In his budget speech, the finance minister said: "In recognition of the difficulties experienced by small independent bookmakers, I am introducing a relief from betting duty and betting intermediary duty up to a limit of €50,000 per calendar year."

The betting tax, which also includes revenue from online firms, is expected to raise approximately €95 million for the government this year.

Get ahead of the game with Get Your Eye In - exclusive Saturday preview content on racingpost.com and the Racing Post mobile app from 2pm on Friday