On-course bookies feel the pinch

THE CURRENT economic downturn is being blamed for a dramatic drop in turnover with Ireland's on-course bookmakers during the first six months of 2008.

Half-year statistics announced yesterday by Horse Racing Ireland reveal a drop of almost 14 per cent in betting with bookmakers compared to the same period last year. That's a drop of €13.3 million to yesterday's announced figure of €82.7 million. There was also a slight drop in Tote turnover of one per cent to €25.7 million.

Total attendance figures, which included the two tracks in the North Of Ireland for the first time, were slightly up to 602,761 for the first half of 2008. However, there was another significant decrease in average attendance with an 8.5 per cent drop from 4,116 to 3,767.

Despite a 4.6 per cent drop in sponsorship, prize-money totals were up 6.6 per cent to €27 million and the numbers of racehorses in training were also up slightly to 10,142.

However, racing's ruling body admitted the current economic situation means "there is likely to be a downturn in horse numbers as the year progresses".

HRI's chief executive Brian Kavanagh said: "The renewal of the Horse and Greyhound Racing Fund this year is a priority for the industry and HRI continues to believe the fund should be self-financing.

"Given the economic circumstances, HRI believe that betting duty is the most appropriate source to relieve the exchequer of the need to augment the fund as was originally intended when it was enacted in 2001. HRI believe the fund can be and should be fully financed from betting duty and we are working closely with the government to put in place ways this can be achieved."

Key six-month figures

Fixtures: 160 up 14

Races: 1,138 up 90

Runners: 16,234 up 1,248

Horses In Training: 10,142 up 327

Prize-money: €27m up €1.7 m

Attendance: 602,761 up 1,743

Total Tote Betting: €25.7 million down €279,000

Total Bookmaker Betting: €82.7m down €13.3 m

This article appears in the print edition of the Irish Times