Off-course betting duty will be abolished under the terms of Ireland's Horse and Greyhound Racing Bill, which was published by the government yesterday. The bill would provide for the establishment of Horse Racing Ireland (HRI) to replace the Irish Horseracing Authority (IHA). This would establish permanent and guaranteed funding for the horse and greyhound industries and associated matters. In addition, the 0.3 percent turnover levy charged for off-course betting would be abolished.
The bill was originally expected to become law by Easter, but the outbreak of foot and mouth disease left government officials scrambling to develop emergency protective measures. With the dreaded disease's wane, officials can once again turn their consideration to other legislation.
Now that the Horse and Greyhound Racing Bill is scheduled for consideration, backers are confident that the bill will have enough support for its passage. "It will go to the whips' office next week to determine when it is to be debated in the Dail," Agriculture Minister Joe Walsh told the Racing Post. "I hope that we can get cooperation from opposition members so that it is passed by the end of June, and I believe we will."
He added, "If not it will be delayed until October because the Dail does not resume until then. Also, the budget is early this year, so a lot of time will be taken up with the Finance Act."
It's been long presumed that the Irish government was holding off on lowering its duty rate until after the British government made a similar move. Britain's budget announcement in March included the abolishment of betting duty to be replaced by a corporate tax.
When and if Ireland enacts this bill and drops betting duty, it's expected that Ireland's Internet bookmakers will benefit greatly. As one source explained, "Essentially the Irish government is hoping that Ireland will become a major hub for Internet gambling."