Betting exchange Betfair has agreed to pay 10% of its gross profit on Irish horseracing to Horse Racing Ireland, and said it will also make back-dated payments to 2003.
Betfair said the agreement is voluntary, though it will operate along the same lines as the Levy payments the company has to make in Britain.
Brian Kavanagh, Chief Executive Officer of HRI said: "I am pleased that Betfair will be paying Irish racing upwards of €4.5m (£3m) over the next three years".
In addition, the Irish Turf Club, the body responsible for regulating Irish racing, has agreed to enter into an understanding which will allow the Racing Regulatory Body access to data from Betfair.
Denis Egan, of the Irish Turf Club said the agreement with Betfair allows access, when required, to a full audit trail of all transactions on Irish racing.
