Brian Kavanagh, the Horse Racing Ireland Chief, recently quoted that there is an increase in attendance, which is seen as an influential factor in the 6.6 % rise in the turnover of betting ring recorded during 2019, by an 11% drop for on-course bookmakers last year.
This advancement was not indicated in Tote Ireland’s yearly turnover, which just decreased by one percent during the time, yet suffered a higher reversal overall with 13% (€9 million) decrease due to a considerable dip in the international money bet adrift into Irish pools.
In the previous decade, the once-powerful ring which had seen a higher turnover dropped by 75%. However, the industry statistics published by the Horse Racing Ireland (HRI) recently saw a drastic increase in cash, which was handled by bookmakers to €58.4 million last year.
It can be considered as a timely upswing for this sector, which had been intensely affected by the digital transformation in the gambling industry over a decade to be more specific. After the release of the 2019 Irish horseracing and breeding industry statistics, Brian Kavanagh stated,
Mr. Brian Kavanagh further added that the Tote model is presently undergoing a review by HRI, with the options being discussed for a partial or full sale.
Brain remarked that the past year was good for Irish racing, but the industry requires a long term assurance for funding. This will help formulate plans strategically and not simply rely on the challenges provided by Brexit. He finally added that efforts would be taken to plan a long-term funding solution to be increased.