Ireland is set to impose a new 1% tax against all forms of online betting in the country in a measure to generate new revenue streams. The hope is that the new tax will generate as much as €18 million in revenue prior the end of the 2013 calendar year.

The new tax law will require approval by cabinet that will then be required to forward it for approval to the E.U commission. Should the E.U approval this new tax it then gets forwarded to parliament where a vote would take place and if passed become law.

It is hopeful by those in the horse industry that some of the collected tax monies will be used to assist the regulatory body and provide grants during a five year period. Those in the industry are not at all keen on seeing this new tax approved and will certainly be campaigning to not have it approved as it is believed that it will cost those companies a substantial amount of needed operational capital. Paddy Power is reporting that such a tax would result is a cost of €6 million per year.