Ladbrokes is set to terminate its on-course bookmaking activity in Ireland as a result of betting tax in the country being doubled to 2%.

The operator has also decided to end all its race sponsorships across Irish racing.

Ladbrokes currently operates across eight racecourses: Galway, Limerick, Killarney, Punchestown, Listowel, Navan, Gowran Park and Clonmel.

Existing contracts for these tracks either expire later this year or early next year, although Ladbrokes’ current deal with Punchestown runs until 2020.

The bookmaker explained to the Irish Independent there was a possibility it would maintain its relationship with Punchestown, due to the high profile racing and TV coverage which takes place there. However, this is yet to be reviewed.

Ladbrokes currently has 141 outlets in Ireland, having closed more than 50 since 2015.