Betfair Boosts Irish Racing In Multi-Million Deal Exchange also agrees ground-breaking MOU with Turf ClubBetfair, the world?s leading betting exchange, has agreed to pay 10 per cent of its gross profit on Irish horseracing directly to Horse Racing Ireland (HRI). The historic agreement guarantees revenues to HRI in excess of EUR1 million (#700,000) a year, for the first three years. In addition, as a goodwill gesture, Betfair will make a back-dated payment covering the period 2003 - 06.The 10 per cent specifically relates to gross profit on all Irish racing trade, not just that from Irish residents. The agreement is voluntary, although in most other ways it will operate along the same lines as the Levy payments the company makes in Britain.Brian Kavanagh, Chief Executive Officer of HRI welcomed the financial deal: 'I am pleased that Betfair will be paying Irish racing upwards of EUR4.5 million (#3m) over the next three years. This agreement confirms the increasing popularity of the Irish racing product to a global audience and will ensure that Irish racing will now receive a return from this betting activity where previously there was none.'David Yu, CEO of Betfair, said: 'We?re pleased to have reached an agreement with HRI. Ireland is home to some of the world?s finest racehorses, both flat and jumps. It stages some of the world?s great races and we are delighted to be working with HRI in bringing the outstanding Irish racing product to an international audience.'In addition, the Irish Turf Club, the body responsible for regulating Irish racing, has agreed to enter into a memorandum of understanding (MOU) with Betfair. The MOU will allow the Racing Regulatory Body access to data from Betfair should there be integrity concerns over the betting activity on any events under its jurisdiction.Denis Egan, Chief Executive of the Irish Turf Club said: 'The signing of this agreement with Betfair is an important step in ensuring the continued integrity of Irish racing. While we have been working with Betfair for some time, the MOU allows access, when required, to a full audit trail of all transactions on Irish racing.'David Yu, added: 'The signing of the MOU is also something we welcome. The Irish Turf Club do an excellent job regulating Irish racing and this agreement will enable us to work more closely with them going forward, in much the same way as we have with the Horseracing Regulatory Authority (HRA) in Britain.'
