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.