Credit Crunch Hits Bookies

The horse racing industry has itself become 'a faller' for the first time in more than 15 years.

According to the latest statistics from Horse Racing Ireland, the effects of the economic downturn, as well as bad weather conditions, hit the sector in the second half of 2008.

According to a spokesman for the industry, on-course betting is down by 18% and attendances have fallen by 9%, so that the Bookies may well feel as if they themselves have 'fallen at the first fence'.

Brian Kavanagh, Chief Executive of Horse Racing Ireland (HRI), said: "The combination of lower spending and poor weather, particularly during the second half of the year, saw overall attendances decline from a very successful year in 2007, but encouragingly all of the major Festival meetings held up reasonably well.

"With a range of cutbacks already in place for 2009 due to the reduction in our Government funding, owners, trainers, breeders, and all of the 16,500 people who rely on the industry for their employment, will need to brace themselves for the tough times that lie ahead," he said.

The most dramatic decline during was in bloodstock sales at public auction, which dropped by 43.6% to €99.5 million, reflecting a breeding industry now under significant pressure.

On-course betting turnover also fell significantly by 18.2%, with bookmakers down 21.5% faring worse than the Tote, which fell by 10.1%.

(DW/BMcC)