THE GOVERNMENT will introduce legislation to ensure overseas betting providers comply with a licensing regime that will permit them to sell their products in Ireland, Taoiseach Brian Cowen has announced.
He said this would underpin funding for the racing industry by facilitating the extension of the tax regime for the betting industry to cover companies providing online and telephone betting.
Mr Cowen said the Horse and Greyhound Racing Fund was established at a time when annual income from excise duty collected on off-course betting was in the region of €60 million per annum, but receipts from excise duty on off-course betting had dropped to €31 million in 2010.
He said the exchequer contributed in excess of €31 million to the fund in 2009 and a further €28 million in 2010, but a more sustainable system of support for the industry was needed.
“All forms of betting including betting offered over the internet, other remote platforms or over the telephone should make a contribution.
“Such betting must be brought within the tax net,” Mr Cowen added.
