Government renewing its considerable assistance to racing industries
Horse racing and greyhound racing has received €254m from the government over the last four years and that particular agreement is due to finish at the end of this year.
But the Minister has now confirmed increased support through to 2008.
“The government is renewing the fund and, starting in 2005, it will be increased to €300m to cover the next four years up to 2008.
“The major priorities for HRI’S capital programme over the next few years are the ambitious development projects at Leopardstown and the Curragh.
“Both locations will see significant investment with major development to the spectator and track facilities at both these flagship courses,” Mr. O’Donoghue said.
The money is divided four-fifths to racing and a fifth to greyhound racing and means that the government will have contributed a total of €554m over a period of eight years.
O’Donoghue was speaking at the launch of a code of practice, agreed between Horse Racing Ireland and the on-course bookmakers.
Commented the Minister: “I congratulate Horse Racing Ireland and the Irish National Bookmakers’ Association, who have co-operated to ensure that all aspects of bookmaking are included in the code.
“I welcome the improved customer-service which it represents. The on-course bookmakers have, for many years, been the back-bone of the betting industry and have added very much to the colour and enjoyment of a day at the races.
“New technology will now be mandatory and, by the end of 2004, I have no doubt all bookmakers will be compliant with the code.”
The code sets out regulations for the practice and operations of on-course bookmaking.
Among the key requirements are that bookmakers must display their minimum bet and guaranteed liability which will be accepted.
They will have to show whether each-way betting will be accepted. From an HRI perspective, however, and certainly as far as punters are concerned, it would surely be far better if there was an assurance that each-way betting would be accepted by all the layers.
On the credit side is that bookmakers will have to price up the odds on offer on all the horses no later than the PA announcement stating they are leaving the parade ring.
David Power, Chairman of the INBA, said: “The bookmakers welcome the code of practice. Anything that improves customer-service is good news and most of the points in the code represent what is currently best practice among bookmakers.”
