Irish racing will have to wait for increased funding

Legislation to facilitate the taxation of offshore betting will be in place by the end of February but horse racing will not be in a position to fund itself directly as a result.

The aspiration for horse racing chiefs was that the industry could become self-sufficient by funding itself through money earned directly from taxation of bets placed on races.

Speaking at yesterday’s Horse Racing Ireland Awards in Leopardstown, Minister for Agriculture Simon Coveney said the Department of Finance was unlikely to sanction such a scenario.