A new study on the benefits of sports to the wider economy has found that for every €100 invested, the exchequer receives €195 back through taxes on sports-supported spending and incomes.
The research from the Federation of Irish Sport, in conjunction with Investec Bank, also reveals that sports supports around €2.7 billion in consumer spending.
It directly employs 35,900 people and accounts for 1.7% of the workforce. The report noted that this is more than the total number of primary school teachers in Ireland.
Sports tourism is estimated to be worth up to €0.5 billion annually and this figure rises in years when Ireland hosts major international sports events.
Sport also accounts for 2.7% of total consumer expenditure, equating to an average of €30 per household per week and putting it on a par with clothing and footwear.
Today's report also said that state investment in sports has not kept pace with the improvement in the public finances during the economic recovery.
It noted that current Central Government expenditure on sports and recreation is lower than in 2009 despite a 77% increase in tax revenues during this period.
The Federation of Irish Sport also said that increased investment in sport could reduce public health expenditure.
It noted that about 62% of the population are overweight or obese and it is believed to cost the State over €1 billion annually.
Mary O'Connor, CEO of the Federation of Irish Sport, said that sport is central to the Irish story.
"It's also an essential contributor to the Exchequer, social inclusivity and participation, health, and tourism. Critically, as our research shows, investing in sport makes economic sense," Dr O'Connor said.
"Our single biggest ask ahead of next week's Budget is that it provides for further investment in people and programmes. We believe it is essential that Budget 2020 takes the second step on the road to meeting the National Sports Policy’s very laudable goal of doubling sport funding over the ten-year life of the policy," Dr O'Connor said.
"Sport needs this to happen on a year-on-year basis if it is to meet the challenging participation targets set out in the National Sports Policy," she added.
