Irish budget postpones increased betting levy

Content Team October 12, 2023

In light of the recently published Irish Budget, a crucial decision regarding an increased betting levy has been postponed.

The proposal in question initially suggested that the betting levy moves from 2 to 3 percent with the aim of supporting domestic sports projects.

Originally supported by the Labour Party, this increase was not mentioned by Irish Finance Minister, Michael McGrath when he presented the nation’s upcoming budgetary plans.

Impact on bookmakers

When this increase was first announced, retail bookmakers in Ireland were concerned about any additional taxation making this delay a welcome relief.

Soon after word was passed about this levy increase, the Irish Bookmakers Association (IBA) has reservations about further tax increases, citing the economic downturn’s impact on betting shops.

The new budget will secure the current rates until at least the end of 2024, allowing the government and other relevant stakeholders to consider how to support sports without harming the retail betting sector.

In his statement, McGrath noted that the government requires this time to determine how taxes could effectively support sports organisations in Ireland.

He reaffirmed that the government remains committed to exploring potential tax measures to benefit any initiatives of this kind. Saying:

“I intend to examine how the tax system can be utilized to further support these organisations… This will involve examining the tax treatment of long-term strategic development funds.”

Support for sporting organisations

Despite the setback to this intended levy, the Irish government remains committed to its initial goal of ring-fencing additional revenue to fund domestic sports facilities along with supporting football teams and addressing gender equality issues.

To add to the strain, the Football Association of Ireland (FAI) has also requested €517 million ($549 million) from the Irish Government further contributing financial burden.

This decision brings much uncertainty but despite this, it indicates the government’s measured and deliberate stance to effectively explore and succeed in achieving this goal.

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