A SIGNIFICANT change is in the offing as Horse Racing Ireland is exploring changes to the calculation of starting prices, with the introduction of a new system possible not long after racing restarts.

Starting prices (SP) have been returned using the on-course market since the 18th century. The SP is defined as the prevailing price available on a horse at the time the race starts and it is generally calculated by a panel appointed by the racing authority.

However, the increase in off-course and online betting has seen a decline in the influence of the on-course betting ring, but its prices are still used to calculate the SP. In recent years there have been fears expressed that the SP could be manipulated by big betting companies anxious to limit off-course liabilities.

A sharp decrease in the number of layers working at some racecourses in both Britain and Ireland has thrown further spotlight on the issue, and the inevitability of racing restarting without any bookmakers on-course has focused minds on updating the system used.

Pat Brennan, HRI’s Racing Services Manager, said: “We have been working on this with the Starting Price Regulatory Commission [SPRC], our own on-course bookmakers, the off-course chains, SIS, who are licenced to return the SP here, and the Press Association, who return the SP in Britain.

“The SPRC are also in discussions with the relevant stakeholders in the UK, with those discussions due to conclude shortly. There have not been many opportunities to test the new system, but we are keen to effect any changes in conjunction with the SPRC and support them where we can.”

In Britain the eight largest betting companies are sending a direct feed of their own prices to the Press Association to help calculate the SP. The on-course market will also be taken into account but these prices are not as influential as before. Brennan and HRI are working to secure similar feeds from the main Irish off-course chains and a final decision on the most suitable method for calculation of the SP will be made following the conclusion of consultations with all stakeholders, including the SPRC.

“I think there will be greater confidence in the SP and a calculation method that ensures accuracy, transparency and complete integrity should ensure that the SP has the full support and confidence of all stakeholders – most importantly punters and bookmakers,” Brennan said. “This should benefit the industry overall.”