BETTING shops are hoping for an upturn in business next week during the Galway and Goodwood festivals.

Off-course bookmakers were among the last retail outlets to be allowed open their doors, finally getting clearance on June 29th after a false start earlier that month.

Sharon Byrne of the Irish Bookmakers Association said: “The public have been very good and did not take long to get used to the new procedures. Staff will certainly welcome the move to make facemasks mandatory in shops as it is not always easy to ask customers to put one on.”

Business stimulus

Byrne said business has been “quieter” than usual for the time of year and her members are hoping to take advantage of any of the business stimuli announced by the Government this week, such as the reduction in commercial rates.

The July stimulus package is worth approximately €7.4 billion, including tax, expenditure and credit supports.

Finance Minister Paschal Donohoe commented: “This package is equivalent to 3% of our national income. On a per capita basis, this package represents €1,000 for every Irish citizen.”

The Temporary Wage Subsidy Scheme will become a new Employment Wage Support Scheme from September and run until April 2021.

Employers, whose turnover has fallen 30%, will receive a flat-rate subsidy of up to €203 per week per employee including for seasonal staff and new employees. New firms operating in impacted sectors will also be eligible.

The Pandemic Unemployment Payment has been extended until April 2021. Between now and April, there will be a gradual reduction in payment levels, linked to previous incomes, bringing payments in line with existing social welfare levels over time. The scheme will close to new claimants from September 17th 2020.

Employment package

A €200 million investment in training and education, skills development, work placement schemes, recruitment subsidies, and job search and assistance measures, is designed to help jobseekers find a new job, retrain, or develop new skills.

Regarding jobseekers, 10,000 additional places on work placement and experience schemes will be available for those unemployed for over six months; 12,500 additional places will be funded through the Training Support Grant for short term skills training.

Funding will be provided for 35,000 additional places in further and higher education.

Trading losses

To provide immediate cash-flow support to previously profitable companies, the early carry back of trading losses will be allowed, leading to an immediate refund of some or all of corporation tax paid.

There will be a new income tax relief for self-employed individuals who were profitable in 2019 but, as a result of the Covid-19 pandemic, incur losses in 2020.

A six-month reduction in the standard rate of VAT from 23% to 21%, will be effective from the beginning of September.

Nicola McGeady, head of Ladbrokes’ PR, said: “Since the resumption of horse racing and football our digital channels have been performing well but these remain challenging times for all retailers with social distancing and safeguarding measures in place and many people still cautious about visiting shops, and betting shop business levels have been impacted as a result.

“We expect betting on Galway to be healthy online, but it is likely to be down on previous years in our shops. That said for all those visiting our Ladbrokes shops we are going to make the experience exciting and worthwhile with a brilliant suite of offers available alongside our friendly and personal service.”

Tote Ireland will be taking bets online (thetote.com) and by telephone, and they will have a couple of promotions on their website relating to the Galway Plate, which they sponsor.

A spokesperson said: “The big news from us is the launch of the new website (Tote.ie) on the Tuesday after Galway. We are keen that after Galway people will make the switch to the new site. We also want to encourage existing account holders to opt in to receive a welcome offer from us on August 4th.”