Betting figures showed upward curve in 2003
The horse racing industry saw on-course betting increase by 14% to €237m in 2003, of which €183m was generated with the bookmakers.
Greyhound racing has also shown similar growth with on-course betting reaching almost €119m.
Bookmaker turnover accounted for over €82m, an increase of 10.5% from 2002.
Funding towards the development of both industries in 2004 will be approximately €66m.
Of this total €53m (80%) is going to horseracing while greyhound racing will receive €13m (20%).
2003 was the first full year in which the Department of Arts, Sport and Tourism had responsibility for the horseracing and greyhound racing industries.
Minister John O'Donoghue said : "The Government deliberately places strategic importance on these industries because of the employment and economic activity which they generate in mainly rural areas, and of course their contribution to our cultural identity."
O'Donoghue also welcomed news that a new mandatory code of practice for on-course bookmakers has been agreed following discussions between the Irish National Bookmakers Association and Horse Racing Ireland and will be introduced shortly.
The new collection method for payment by bookmakers to racetracks is due to be implemented by Horse Racing Ireland on March 28.
