Spend Money they don`t have,simples...
The Irish Bookmakers Association (IBA) has called for a government investigation into the running of Horse Racing Ireland(HRI).
Horse Racing Ireland is the organisation responsible for the overall administration and promotion of all Irish horseracing.
The IBA, which represents 700 of the 1248 betting shops in Ireland, called for the investigation into HRI spending, in the aftermath of a study undertaken by consulting firm KPMG.
The KPMG report states, HRI’s contribution to prize money, including prize money contributed by owners and sponsors, increased by almost 600% between 1998 and 2008. However, the number of race fixtures increased by only 33% over the same period.
The report goes on to say that HRI’s expenditure has increased by 40% more than its total income between 1998 and 2008.
Sharon Byrne, Chairperson of the IBA, said: ‘Spending at HRI is out of control. In all departments and divisions, spending at HRI – and HRI’s predecessor organisation – has mushroomed between 1998 and 2008.
‘However, the huge increases in spending that have been uncovered by the IBA have not delivered any proportional benefit to Ireland’s racing and betting sector”.
‘As a matter of urgency HRI spending should be subjected to a thorough and forensic value for money review. Ireland’s betting sector is under severe pressure due to the economic downturn, unfair competition from untaxed online and mobile competitors and archaic restrictive legislation”.
‘However, HRI spending has not delivered real benefits for the racing and betting sectors, even with whopping increases of up to 660%. The HRI must wake up to Ireland’s new economic reality. The inaction, complacency and dependency on state funding that characterise the HRI are no longer acceptable from a state body with so many potential income generating sources available.’
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