The bill, which legislates for a ban on gambling advertising between 5.30am and 9pm, which both Racing TV and Sky Sports Racing warn would make it unviable for them to broadcast in Ireland, has now passed through all five stages of the legislative process in Dail Eireann and will be processed in the Seanad prior to being signed into law.

The clamour for amendments to be brought forward in the Seanad due to numerous calls to exempt charities and local sporting organisations from the ban was noted by the junior minister in the Department of Justice, James Browne, but it seems an exemption for subscription-based racing channels is not being considered.

McGrath spoke vociferously in support of racing during the debates, citing the "huge bloodstock industry" and individuals who work at racetracks as among those who would be impacted if the bill was enacted as it stands.

He told the Racing Post on Sunday: "It went through the final stage in the Dail this week. There was a lot of acrimonious debate and I voted against it [on Wednesday], but the minister [Browne] is very obstinate. 

"It's a very important industry in Tipperary; obviously we have Clonmel and Tipperary racecourse and thankfully we got the go-ahead for the development of an all-weather track in Tipperary as well. 

"A lot of people within racing and those employed within the industry have contacted me with their concerns regarding the bill. You couldn't quantify the impact it would have, and its effect would be felt all over the country. Those in government don't realise that businesses such as racing yards, point-to-points and studs would feel the impact as would all those employed and their families. 

"The minister said he'll look at amendments in the Seanad, but I'm not sure he will based on debates over the last couple of weeks."

A proposal for subscription-based racing channels to be granted an exemption to show gambling-related advertising before the watershed has been put forward as a potential solution, given such a model has been in operation in other jurisdictions. McGrath said such an amendment needed to be examined in detail in order to keep the industry afloat, although he noted the minister was particularly steadfast on the issue.

He said: "There's massive investment in the industry all over the country. I don't know what's wrong with the minister, he's not listening to anyone. If racing was to go off television it would devastate the industry.

"These laws are seldom rescinded and it has the potential to cause so much damage. It's a shocking situation. Granting an exemption to racing channels should be examined. We should tease it out and not banish everything. 

"There's an issue with gambling, but let's make sensible amendments. We have a very successful and valuable industry so why undermine it?

"The minister has his mind set against it, particularly any amendments concerning the advertising ban. But it's [racing] part of the fabric of this country. This is overkill and has the potential to devastate an industry that's very important to the country and economy. 

"Owners who invest in the sport won't do so if they can't watch their horses run. It's indigenous to us and so many people enjoy the sport."