Horse Racing Ireland is proposing that the Minister of Finance increase betting tax from 1% to 2.5%, and exchange commissions from 15% to 37.5% and the punter will pay.

Irish punters should be preparing for an increase in betting tax, after a petition submitted to the Irish Department of Finance Tax Strategy Group process, by Ireland’s horse racing governing body, proposed an increase in betting duty and exchange commissions.

The Tax Strategy Group was born out of the 2016 Finance Bill Committee Stage Debates, where a group of old fuddy-duddies chomping on cigars agreed that a thorough examination of the betting tax structure, in Ireland, was well overdue. The consultation process included all betting stakeholders, and the deadline for submission to the group passed on 19 June 2017.

Amongst those sending papers tied tightly to the ankles of Ravens were Horse Racing Ireland (HRI), who has suggested that the 1% betting tax be increased to 2.5%, and the duty on betting intermediaries should be increased from 15% of the commission to 37.5%.