Betfair to boost Irish racing by €4.5m
Irish racing is to benefit by more than four million euro under a new deal with an internet betting exchange, it emerged today.
Horse Racing Ireland (HRI) confirmed it will receive over a million euro a year for the first three years of the initiative.
Brian Kavanagh, chief executive of HRI, said: “I am pleased that Betfair will be paying Irish racing upwards of €4.5m over the next three years.
“This agreement confirms the increasing popularity of the Irish racing product to a global audience and will ensure that Irish racing will now receive a return from this betting activity where previously there was none.”
London-based Betfair, an internet betting exchange, confirmed it had agreed to pay 10% of its gross profit from Irish horseracing directly to the HRI. It will also make a backdated payment covering the three years from 2003 to 2006.
The company said the agreement was voluntary but would operate along the same lines as levy payments Betfair makes in the UK.
The figure of 10% specifically relates to gross profit on all Irish racing trade, and not just money received from Irish residents.
David Yu, chief executive of Betfair, said: “We’re pleased to have reached an agreement with HRI. Ireland is home to some of the world’s finest racehorses, both flat and jumps.
“It stages some of the world’s great races and we are delighted to be working with HRI in bringing the outstanding Irish racing product to an international audience.”
The Irish Turf Club, which is responsible for regulating Irish racing, has agreed to enter into a memorandum of understanding with Betfair.
Betfair said the agreement would allow the racing regulatory body access data from the company should there be any integrity concerns over the betting activity on any events under its jurisdiction.
Denis Egan, chief executive of the Irish Turf Club, said: “The signing of this agreement with Betfair is an important step in ensuring the continued integrity of Irish racing.
“While we have been working with Betfair for some time, the MOU allows access, when required, to a full audit trail of all transactions on Irish racing.”
