Betfair to pay 10% of gross profits on Irish racing to HRI

BETFAIR, the world's leading betting exchange, has agreed to pay 10% of its gross profit on Irish racing directly to Horse Racing Ireland.

The agreement guarantees revenues in excess of e1m a year, for the first three years. In addition, as a goodwill gesture, Betfair intends to make a backdated payment covering the period 2003-06.

The 10% specifically relates to gross profit on all Irish racing trade, not just that from Irish residents.

Brian Kavanagh, Chief Executive of HRI, welcomed the deal. Said Kavanagh: “I am pleased that Betfair will be paying Irish racing upwards of €4.5m over the next three years.

“This 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.”

Meanwhile, the Turf Club, who are responsible for regulating the game in this country, has agreed to enter into a Memorandum Of Understanding with Betfair.

The MOU will allow the Turf Club access to data from Betfair should there be integrity concerns over the betting activity on any events under its jurisdiction.