Online tax to double revenue but funding shortfall remains

Rate increase still on the table

Brian Kavanagh refuses to rule out betting tax increaseCredit: Caroline Norris

Horse Racing Ireland’s chief executive Brian Kavanagh has revealed the yield from online betting tax could double the previous level of betting revenue – and he has also reiterated that an increase to the standard one per cent tax rate is still on the table.

Since the onset of internet betting, the Irish government has increasingly had to supplement HRI’s annual funding via the Horse and Greyhound Racing Fund.

Despite the growth in overall betting, the migration online saw the total tax yield plummet from €68 million in 2001 to €25m in 2013, so the theoretical loss to the Department of Finance was massive.

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Richard ForristalIreland editor

Published on 21 August 2016inNews

Last updated 15:31, 21 August 2016

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