Call for 2% betting levy for racing

IRELAND’s betting service providers should return to paying a 2% levy to the racing industry, according to a leading economist.

A new report from An Bord Snip Nua author, UCD’s Colm McCarthy, suggests that such a revision to the financing regime for the industry (which generates more than €1 billion per year for the national economy) would add up to €70m in annual revenues from the sector and return them to levels last seen in 2002, when the levy was halved.

“Compared to other countries, the Irish betting industry pays the lowest levies and taxes to the racing industry and if a 2% level were to be introduced, it’d still be the lowest tax in any country worldwide,” the report suggested.

“Ireland appears to be the only country where the racing industry doesn’t receive an automatic direct payment from the gambling industry, which employs its products,” it added.

Previously and separately, Paddy Power – the largest betting services provider in the state – has backed a 2% levy on bookies’ online profits, as loosely proposed by the Government, as long as it is evenly taken from all players in the Irish market, not just those domiciled here.