HRI AND BETFAIR AGREE TO DISAGREE (Update)
8 May 2009
But Irish horseracing is Euro 4.5 million the
poorer this week
More details have emerged regarding the voluntary
funding dispute between the international online betting
exchange Betfair and Horse Racing Ireland (see previous
InfoPowa report)
It appears that Betfair's offer
of a further voluntary investment of Euro 4.5 million
over the next three years has been rejected by HRI,
which wants the gambling group to double its
contribution. Betfair has declined to do so, indicating
that it will leave the door open for further talks going
into 2010.
Betfair's offer of payment comes
despite the Irish operation representing less than 5
percent of its total revenue.
Over the past three
years, Betfair has made a total of Euro 4.9 million in
contributions to the HRI in a "cooperation agreement"
for the good of the sport, and the rejection by the HRI
management at a time when it is suffering state funding
cuts and has had to scale back on prizes has surprised
some observers. One unidentified senior government
figure is quoted by the Irish newspaper Independent as
saying: "How in the hell can they turn down a single
cent at a time when budgets all over the place are being
squeezed. Someone needs to take a very quick reality
check."
However, Brian Kavanagh, CEO of the HRI
remains adamant that he will accept only an amount
double that offered from Betfair, and that should
negotiations recommence in 2010 it will have to be on
the basis that any deal done in 2010 would have to be
done on a "pre-condition that it would be backdated to
the start of 2009".
Online Casino News Courtesy of
Infopowa
More news here.
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