Irish punters will bet €80-€100m

IRISH punters will wager between €80 million and €100 million in betting offices over the three days of the Cheltenham racing festival, which starts today.

And the 50,000 plus travelling army who will make their way to Prestbury Park will bring with them the biggest ever influx of euro cash into Britain since the introduction of the new currency just over 12 months ago. Punters will be able to bet in either sterling or euro punts with most operators on the course.

Paddy Powers finance director Ross Ivers said Irish punters will be able to freephone their bets from the course if necessary.

Mr Ivers said Cheltenham week is their biggest week of the year bar none. “It’s our Christmas in shopping terms,” he explained.

And seven-year-old novice Beef or Salmon, trained in west Limerick by Michael Hourigan, carries the hopes of a nation on his young back with anything up to 1 million being placed on the 7/2 second favourite in the Gold Cup.

If he is first past the post then the victory will put a very serious dent in the profits on bookmakers operating in Ireland.

However, Ireland remains a sure bet for bookmakers.

Following on bookmakers Paddy Power’s record €17.8m pre tax profits for 2002 details of British bookmakers Ladbroke (Ireland) success in the Irish market have come to hand.

The latest figures for Ladbroke’s Irish operations cover foot-and mouth hit 2001 but show the company still managed to push turnover up by close to 20% to €156 million, for a pre-tax profit of €5 million, up a massive 94%.

Ladbrokes had gross profits of €20.7 million and operating costs of €16.6m, recording operating profits of €5.6, €1.27m of this was an unexplained in the accounts exceptional operating profit.

Ladbroke has tangible assets of €5.7m in the country and had debts of €12m to related companies.

A note to the accounts show the Revenue Commissioners are challenging the company’s right to receive SIS televised racing services from Britain on the existing basis of reclaiming VAT.

Ladbroke Ireland provided employment for 330 people full time and 220 part-time at the end of 2001.