Ireland maintains betting tax at 2% and increases funding for horse racing in 2027

Ireland’s horse racing sector will see an increase in state funding in 2027. At the same time, the government has decided to keep the betting tax at 2%. The measures are part of the budget announced in recent days; consequently, the funding allocated to Horse Racing Ireland (HRI) will reach €81.6 million next year. The Horse and Greyhound Racing Fund will also see an increase, with the amount rising from €99.1 million to €102 million in 2027. HRI will retain 80% of this amount, while the greyhound racing sector will receive the remaining funds. The organization will see its share increase from €79.3 million. What race funding will look like in 2027 The Minister for Agriculture, Food and the Marine, Martin Heydon, stated that the government has allocated an additional €2.9 million to the fund. According to the minister, the increase will aid in work related to well-being and integrity measures. Photo: Reproduction / HRI The boost comes as HRI prepares for a record 396 races in 2027. Even with the increase, the figure will remain below the strategic target of €88 million set by the entity for the year. On the other hand, betting companies will not face a new tax burden in the budget. The government kept the betting tax rate at 2%, according to the Racing Post. The new fee for the social impact fund remains under discussion. Although operators avoided a betting tax hike in Ireland in the last budget, another levy remains under discussion. This concerns the new social impact fund levy, which will be introduced by Ireland’s gambling regulatory authority. The charge is set to take effect next year. Consequently, retail operators are expressing concern about the additional costs associated with the regulation. The sector also points to the pressures faced by betting companies since 2019. That year, the tax on revenue rose from 1% to 2%. . In its budget proposal, the Irish Bookmakers Association stated that hundreds of shops have closed since then. The organization also pointed to the loss of approximately 1,000 retail jobs. IBA President Sharon Byrne viewed the retention of the tax positively. However, she highlighted that operators still do not know what the level of the new rate will be. Byrne also stated that licensing costs associated with the new regulatory body are expected to increase betting operators’ expenses. According to her, this impact is occurring while the retail market continues to see store closures. How many betting shops are currently operating in Ireland? The number of betting shops operating in Ireland has fallen from 1,385 in 2008 to 643 today. Furthermore, dozens of establishments have closed over the past two years. This reduction returned to the spotlight last month. At the time, Paddy Power revealed plans to close 100 stores in its chain before the end of the year. Almost half of the establishments included in the plan are located in Ireland O post Ireland maintains betting tax at 2% and increases funding for horse racing in 2027 apareceu primeiro em iGaming Brazil.