Trocaire to profit from gurus charity bets

TOP institutional investors finding it hard to locate rich pickings on world markets are turning to the sport of kings to raise money for charity.

Goodbody Stockbrokers and bookmakers Paddy Power organised charity bets on the Cheltenham Gold Cup today which will result in the Catholic bishops third world charity Trocaire taking at least 5,000 in winnings.

One hundred istitutional clients of Goodbody were invited to bet 50 on a horse in the Gold Cup. For each bet, Goodbody will donate 50 to Trocaire.

Paddy Power will place a free bet of 50 for each bet placed. They will donate the investment gurus’ winnings to Trocaire.

The institutional investors from Japan to the US have bought into the idea and the bulk of their bets are going on the West Limerick trained Beef or Salmon and his rival and race favourite Best Mate. In the investment community the bulk of Irish managers are opting for Beef or Salmon with British investors going for Best Mate.

But the global spread of investors resulted in a wager being placed on every horse in the race according to Goodbody’s Keith Mulcahy.

“This means that regardless of the outcome over 5,000 will be raised for charity,” he said. Trocaire will be hoping that one of the two favourites Best Mate or Beef or Salmon is first past the post after the testing run up Presbury Park’s famous hill.

Almost 50% of the money gambled is on these two with Beef or Salmon claiming a few more euro than his rival First Mate.

One horse which has caught the investors eye is See More Business.

“Attractive, but always seems to be far in the distance. An unlikely option in 2003,” according to the Goodbody formsheet. It seems Best Made will have it all to do as no horse since L’Escargot in 1971 has taken the blue riband in successive years and the only others to have achieved the feat are the legendary Arkle, Cottage Rake, Golden Miller and Easter Hero.

Henrietta Knight’s star will also try to become the first horse since Desert Orchid in 1988/89 to land the Gold Cup after winning the King George VI Chase in the same season.