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An important measure has gone in front of the Irish Cabinent, which would impose a 1% tax levy on internet betting.
The measure was up for debate today and would help the cash starved Irish government bring in at least €17 million by the end of the year.
The process of getting the bill into law would require the Cabinet to approve of the measure, who would then send it to the European Commission. If the E.C. approves of the levy, it would then be sent to the Irish Parliament, who would hold a vote to send the measure into law.
The Horse and Greyhound racing industry is hoping that the money generated by the levy would be used to help prop up their regulation board, as supporting grants have fallen over the past five years.
While the government is gung ho on getting some sort of levy passed, the betting industry is not so hot on the idea. Industry giants such as Paddy Power feels that the measure would cost them €6 million per year, while also giving offshore competitors an advantage financially.