Online Betting Tax for Irish Horse Racing?
23rd January, 2009
Irish bookie's had a tough 2008 with the economic recession hitting the industry hard. Results have shown the gambling sector is decline after 15 years of growth. Administrators believe that all off shore bets made by punters online or by telephone should be taxed to help the struggling bookies.
The sport is clearly growing with more race meets, runners and big prize Jackpots however this is not being replicated in attendance numbers or bets placed. Several races also had to be canceled due to bad weather. Betting turnover fell by 18.2 % and bookies reported an overall fall in numbers of wagers.
Brian Kavanagh, Chief Executive for HRI. “With so many demands on Government resources and finances, now is the time for the racing industry to become truly self-financing, as it is in most other countries.”
Havana believes their should be a levy on bets made abroad so the industry can self finance itself. He went on to add, “This can be done with a meaningful levy on betting, including all off-shore Internet and telephone betting, which has wrongly escaped the taxation net up to this point.
Irish book markers and industry members will be hoping for a better 2009 even though it will be a difficult year especially in the current economic climate.
By Jamie
