Big drop in on course betting with bookmakers
The half-year returns, which account for the racing and breeding industries in Ireland, show a continuing decline in the amount of money being bet at racetracks. Over the first six months of last year €49.5m was bet with on-course bookmakers while that figure dropped to € 39.7m in 2012.
However Kavanagh believes while that figure has fallen drastically year on year over the past five and prizemoney, Tote betting, on-course Tote betting, horses in training and attendances are also down on last year, there is reason to be hopeful.
“The completion of the review of the industry commissioned by the Minister for Agriculture, Fisheries and Food, based on the Indecon consultants’ report and the imminent legislation on taxation of betting will together be the most important developments for the funding and administration of Irish racing since the establishment of HRI in 2001,” he said.
“All parties have engaged in a comprehensive round of consultation, which gives hope that a consensus on the way forward can be found. Above all, we hope for a new and sustainable basis for funding and developing the industry and one which can play a major role in overall economic recovery.”
Another reason to be positive is the continuing success in bloodstock sales which delivered €22.9m and 14.5% growth on 2011.
“While there are disappointing figures generally, it is pleasing to see continuing growth in bloodstock sales and I anticipate further gains in the second half of the year, a busier period which tends to see higher value purchases.” he said.
But that rise comes with a health warning to the industry on the ground in Ireland.
“The number of horses in training and the new owners figures are an area of real concern for the health of the broader industry and the prospects for employment in the sector over the coming years.
“HRI will be committing additional resources to domestic ownership programmes to help reverse this trend and ensure that we are ready to benefit from the recovery.
“The drop in average attendance at race-meetings can be largely attributed to the increased number of fixtures in the period and the unprecedented weather conditions endured by the Punchestown festival and other fixtures in the second quarter. This was also a major factor affecting the Tote’s on-course performance. In the absence of betting tax reform the on-course bookmaker business will continue to encounter difficulties.”
