Mr. Richard Fahey:

We are here outlining to the committee some of the issues that arise and the problems we have. I often say to my staff that they should not come to me with problems, they should come to me with solutions. One of the solutions that should definitely be explored is the betting tax. Currently, there is a 1% levy on all bets. In 2016 approximately €5 billion was bet on a range of activities. A total of €51 million was generated from the tax and all the money went to horse racing and greyhound racing. I do not say we should take the money off them either but if there was a modest increase of even 0.5% - if it went from 1% to 1.5% - that would bring in €25 million in funding. We must remember that betting companies generate their revenue from sports such as tennis, golf and rowing, perhaps not all the time as they do not happen every Saturday or Sunday like football or rugby but during the Olympics and at other times. Our sports are put at risk from those activities in terms of our integrity if a betting issue arises concerning a sport or an athlete and that can brand a sport. We feel that is a very simple and easy way of raising a significant amount of funding. We do not get TV rights. We do not get major funding from international bodies such as UEFA or FIFA the way other sports do. There is a very simple, clear way to go, and we would not be taking money away from horse racing or greyhound racing. We can let them have what they are getting at this moment in time because racing is an important industry but it is a very simple and easy way of bringing additional funding to our sport.