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31 Jul 12
15:10
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Warning PDF format may slow computer. So if you're having a bet wait till racing is over 
http://bit.ly/QfdXVM
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Interesting to see it recommends a rate of duty on exchange users which will see an increase in base commission rates if it comes to pass.Quite how a person on an exchange should have to pay a duty on a bet placed on a Premiership match to fund the HRI is beyond me.
Taxpayers’ €29m grant to horse racing sector deemed unsustainable
By Conor Ryan examiner.ie Wednesday, August 01, 2012
The €29m annual subvention taxpayers give to the horse racing industry has been deemed unsustainable.
An industry report commissioned by Agriculture Minister Simon Coveney said the current structure of the Horse and Greyhound Fund could not be justified given the economic climate.
The Indecon consultants said funding needed to be replaced, and it supported the 1% duty on all turnover generated from bets based with indigenous or offshore bookmakers.
The report said if a duty was applied to all of the €4.6bn worth of bets laid by Irish punters, it would almost eliminate the need for a taxpayer subvention.
Continuing to put €29m into the industry, on top of the income from the existing betting levy, was not right, the report claimed.
"Indecon believes that given the current state of the public finances, providing this level of funding from general exchequer resources for the sector is not sustainable over the medium term," it said.
The Government recently published betting legislation to bring offshore operators into the duty net through a licensing regime.
After publishing the report, Mr Coveney said he could foresee a situation where the horse racing industry did not require support independent of the duty. However, until then, the greater the revenue from betting tax, the stronger his hand would be as he looked to secure exchequer support for the sector, he said.
Mr Coveney added that it was important the industry be properly funded to ensure it competes with the best in the world.
The report said €727m was given to the Horse and Greyhound Fund since the duty was slashed in 2002. This led to an effective state subvention of €265m over the period, once the betting duty was factored in.
The report said the investment had helped in the success of a large industry but there were worrying signs. The prize money on offer at Irish races had fallen by 26% in recent years and was a cause for "serious concern".
The consultants said there also needed to be greater openness in the industry.
It said the Government needed to take a greater role in ensuring Horse Racing Ireland was accountable for the money given to it
By Conor Ryan examiner.ie Wednesday, August 01, 2012
The €29m annual subvention taxpayers give to the horse racing industry has been deemed unsustainable.
An industry report commissioned by Agriculture Minister Simon Coveney said the current structure of the Horse and Greyhound Fund could not be justified given the economic climate.
The Indecon consultants said funding needed to be replaced, and it supported the 1% duty on all turnover generated from bets based with indigenous or offshore bookmakers.
The report said if a duty was applied to all of the €4.6bn worth of bets laid by Irish punters, it would almost eliminate the need for a taxpayer subvention.
Continuing to put €29m into the industry, on top of the income from the existing betting levy, was not right, the report claimed.
"Indecon believes that given the current state of the public finances, providing this level of funding from general exchequer resources for the sector is not sustainable over the medium term," it said.
The Government recently published betting legislation to bring offshore operators into the duty net through a licensing regime.
After publishing the report, Mr Coveney said he could foresee a situation where the horse racing industry did not require support independent of the duty. However, until then, the greater the revenue from betting tax, the stronger his hand would be as he looked to secure exchequer support for the sector, he said.
Mr Coveney added that it was important the industry be properly funded to ensure it competes with the best in the world.
The report said €727m was given to the Horse and Greyhound Fund since the duty was slashed in 2002. This led to an effective state subvention of €265m over the period, once the betting duty was factored in.
The report said the investment had helped in the success of a large industry but there were worrying signs. The prize money on offer at Irish races had fallen by 26% in recent years and was a cause for "serious concern".
The consultants said there also needed to be greater openness in the industry.
It said the Government needed to take a greater role in ensuring Horse Racing Ireland was accountable for the money given to it
"Groupthink" has been a popular subject in the press recently and nowhere is it more evident than in Irish Racing with every vested interest of the opinion that this sport/industry deserves subvention from our beleaguered state. It focuses it's beady eye on "betting tax" and this becomes the industry's income entitlement by default.
The fact of the matter is that the successful model of a Tote monopoly has long since vanished and its the private bookmaking industry that bleeds the game dry.
Ask yourself why does the industry "deserve" a subvention from the hard-pressed taxpayer over and above what might justifiably regarded as racing's legitimate source of income i.e. betting on Irish and, at a push, overseas racing. There is a cosy concensus that believes the tax from betting on football, GAA, golf, tennis etc etc is rightfully in the claim of horseracing. All these organisations "deserve" a slice of such riches on any point of logic applied to the racing game.
Indecon reports on a few issues that were well flagged up by the Minister last year and essentially it agrees with his opinion (surprise, surprise!) that he should have more control appointing the board and that the Turf Club needs to be brought to heel (again!). Indecon does NOT report on whether the long-suffering taxpayer actually gets any value for its largesse and this is truly an Irish approach to the world of semi-state business: lets look at the concensus issues but, gawd forbid, we have to look at any nasty matters such as fat cats and pensions and resignations/firings and prize money levels and anything you're having yourself.
The Tote is marginally profitable and returns a profit from about one fifth of the meetings it attends (work practices, Croke Park agreements, bloated entitlements must make it a joy to behold) and is now, at best, regarded as a sponsor of last resort for some of our flagship races.
A Minister that surrounded himself initially with a panel of experts straight from the same pool of vested interest sharks is unlikely to be allowed have an original thought as to how the game should be funded because that would endanger groupthink and allow all the participants to enjoy the rewards without having to identify other means to fund it.
I'm off to have a bet on Padraig for the US Open, Conlan for the Gold, Everton for the Top Four and I rest easy in bed knowing that I am the sole contributor to the heady world of Irish racing and its prize money (and, uh, Brian Kavanagh's fat salary and pension)
The Minister will trawl the world for the three nominees to the Board of HRI and the shortlist will contain a number of the following:
Current/former department of agriculture/sports honcho
Some politician named Dukes or Bruton
Returning exile who has worked for the largest Irish indigenous enterprise abroad
A member of the board of Paddy Power
An executive/professional that at some stage found favour with God
Finally, it would come as no surprise to me to learn that the powers-that-be would be in strong disagreement with me because the have identified a wonderful source of new income for the sport and they have been stymied time and again in their efforts to bring it to the top table by pundits and commentators who know no better. Ladies and gentleman I give you....................fixed odds betting terminals.
The fact of the matter is that the successful model of a Tote monopoly has long since vanished and its the private bookmaking industry that bleeds the game dry.
Ask yourself why does the industry "deserve" a subvention from the hard-pressed taxpayer over and above what might justifiably regarded as racing's legitimate source of income i.e. betting on Irish and, at a push, overseas racing. There is a cosy concensus that believes the tax from betting on football, GAA, golf, tennis etc etc is rightfully in the claim of horseracing. All these organisations "deserve" a slice of such riches on any point of logic applied to the racing game.
Indecon reports on a few issues that were well flagged up by the Minister last year and essentially it agrees with his opinion (surprise, surprise!) that he should have more control appointing the board and that the Turf Club needs to be brought to heel (again!). Indecon does NOT report on whether the long-suffering taxpayer actually gets any value for its largesse and this is truly an Irish approach to the world of semi-state business: lets look at the concensus issues but, gawd forbid, we have to look at any nasty matters such as fat cats and pensions and resignations/firings and prize money levels and anything you're having yourself.
The Tote is marginally profitable and returns a profit from about one fifth of the meetings it attends (work practices, Croke Park agreements, bloated entitlements must make it a joy to behold) and is now, at best, regarded as a sponsor of last resort for some of our flagship races.
A Minister that surrounded himself initially with a panel of experts straight from the same pool of vested interest sharks is unlikely to be allowed have an original thought as to how the game should be funded because that would endanger groupthink and allow all the participants to enjoy the rewards without having to identify other means to fund it.
I'm off to have a bet on Padraig for the US Open, Conlan for the Gold, Everton for the Top Four and I rest easy in bed knowing that I am the sole contributor to the heady world of Irish racing and its prize money (and, uh, Brian Kavanagh's fat salary and pension)
The Minister will trawl the world for the three nominees to the Board of HRI and the shortlist will contain a number of the following:
Current/former department of agriculture/sports honcho
Some politician named Dukes or Bruton
Returning exile who has worked for the largest Irish indigenous enterprise abroad
A member of the board of Paddy Power
An executive/professional that at some stage found favour with God
Finally, it would come as no surprise to me to learn that the powers-that-be would be in strong disagreement with me because the have identified a wonderful source of new income for the sport and they have been stymied time and again in their efforts to bring it to the top table by pundits and commentators who know no better. Ladies and gentleman I give you....................fixed odds betting terminals.
Can`t accept you are a contributor at all never mind the sole contributor and long may thay remain.
Once betting tax was removed we stopped paying and the worrying thing for us on here is the proposed 1 per cent tax,i understand the rationale it seems small but it is huge and amazing what it will add up to.
I accept the inconsistencies and the selfish demand for others to pay.
Once betting tax was removed we stopped paying and the worrying thing for us on here is the proposed 1 per cent tax,i understand the rationale it seems small but it is huge and amazing what it will add up to.
I accept the inconsistencies and the selfish demand for others to pay.
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