Government set to increase betting tax

Agriculture Minister Simon Coveney has signalled an increase in the betting tax to fund the horse racing industry.

Minister Coveney said that it is crazy that the exchequer continues to pay into the Horse and Greyhound fund, when the industry could be self-financing.

The horse racing sector has called for the doubling of the current 1% tax to support the industry.

The Bord Snip report also proposes that the horse racing industry could be financed entirely from betting taxes.

Speaking at the MacGill Summer School in Glenties, Minister Coveney said: "I would like to ensure that it is actually self-funded by a taxation on betting, and I'm not satisfied that the decisions of Governments over the last 15 years have been the correct ones."