IRISH racing will be keeping its fingers crossed next Tuesday when details of Budget 2017 are outlined by the Minister for Finance.

While racing is unlikely to be mentioned in the Minister’s speech, the industry is expecting a funding increase of €4.8 million for next year. Confirmation should arrive in a post-Budget briefing from the Department of Agriculture on Tuesday evening.

Two years ago, following six years of Budget cuts for racing, Minister Michael Noonan announced he would be making an extra €6 million available to the Horse and Greyhound Racing Fund each year for the next three years. Racing receives 80% of monies allocated to the Fund.

The extra €4.8 million arrived in 2015 and 2016, while a further €5 million was awarded to Horse Racing Ireland in 2015 for investment in racecourses. However, a Government source told The Irish Field yesterday that the 2017 increase hungs in the balance. “The commitment was made by a different Government in 2014 and there is pressure being put on the Minister by both sides,” the source said.

In 2008 racing received its biggest annual grant of €62.6 million. Due to the recession that figure fell every year until reaching a low of €43.4 million 2014. The grant was back up to €59 million this year and the anticipated €4.8 million boost next year will bring the total above the peak 2008 figure.

Minister Noonan justified the increase for racing in October 2014 by predicting that offshore betting tax would soon be bringing in over €20 million annually.

That prediction has proven to be fairly accurate according to figures shown to The Irish Field this week.

Betting duty is returned quarterly and the most recent receipts were filed in June. They show that ‘remote’ or offshore betting generated €18.7 million for the previous 12 months while another €1.7 million came from betting exchange commission. Added to duties collected from betting shops and racecourses, the total tax take was €49.2 million.

HRI has long argued that funding for racing should be linked to betting duty receipts, even if a significant percentage of those bets concerned other sports and events.

Following next Tuesday’s announcement, HRI will prepare its own 2017 budget plans for a December launch.