Horse Racing Ireland release betting figures
January 14, 2009 by mbates
Irish bookmaker Paddy Power saw its share value drop sharply yesterday in reaction to figures release by Horse Racing Ireland that showed that there was a decline in the horseracing industry has decreased for the first time in fifteen years.
Paddy Power’s shares fell from 7.8pc to €11.90 and have shrunk further €11.28 by lunchtime today, increasing its decline this year to just over 11 percent.
Horse Racing Ireland said that on course betting had fell by over 18 percent in 2008 due to adverse weather and the current economic decline. An example of the decrease in punters at racecourses was seen at the recent Christmas meeting at Leopardstown which saw crowds reduced from 59,000 to 57,000 over the four day event but saw a decrease at the Tote by €400,000 to €1.9m.
