NEW LAWS to raise tax from online betting are likely to be published before the summer, later than originally predicted in the budget, Minister for Agriculture Simon Coveney said yesterday.
Speaking at the launch of a report showing that Ireland’s premier race meeting, the Punchestown National Hunt Festival, generates close to €60 million for the economy, Mr Coveney pledged continued Government support for the sport.
The research, carried out by Prof Rowena Pecchenino and a group from NUI Maynooth’s economics department last year, found that the five-day festival generated a €59.8 million spin-off for Naas, Co Kildare, and the surrounding region.
Mr Coveney said the Government intends to publish new legislation to tax online betting, a measure seen as key to funding the racing and breeding industries, before the summer.
His colleague, Minister for Finance Michael Noonan, said in December’s budget speech that the Government expected the Attorney General’s office to produce a draft of the legislation early this year and expected it to be enacted in the second quarter.
While bets placed in bookie shops in the Republic are subject to a 1 per cent tax, which is paid by the bookmakers, online betting is not. The racing and breeding industries, including State body Horse Racing Ireland, want internet wagers included in the tax net and the revenue generated used to help fund the sport.
Mr Coveney said yesterday that the €60 million spend generated at Punchestown illustrated the sport’s value to the economy. Racing and breeding are worth €1 billion to the Republic and employ 20,000 people, he added.
Punchestown chairman David Mongey said the figures produced by Maynooth show that of the total, almost €25 million was spent on accommodation, food and entertainment in the local area.
