James and Hugh O’Donnell have identified an “enormous” opportunity to expand a ‘lottery’ for racehorse enthusiasts in Ireland, according to the Daily Telegraph.
The brothers – James is the Queen’s former horse racing breeder and Hugh is CEO of Furlong Gaming – are plotting to raise £2m in new investment to support their ‘Racehorse Lotto’ venture.
Launched in March 2020 alongside German-listed lottery business Zeal Network, the expansion would see a year-long membership of a racehorse offered as its jackpot, complete with all training, racing and veterinary bills paid.
Established trainers such as Mark Johnston and Richard Hannon have been earmarked as carers of the winner’s horse.
As reported by the Telegraph, Hugh O’Donnell believes there is “proven demand” for horse racing lotteries, with just over 8,000 owners for more than 11,000 ‘hardcore’ racing fans.
The former investment banker added: “We see an enormous opportunity not only to create a once-in-a-lifetime dream for many racing fans, but also to give back to the sport, much required after the last couple of years and to build a substantial international business too in time commencing with expansion into Ireland next year.”
In order to enter the lottery, players must pay £3 for a ticket, with 20% of the sales donated to horse racing charities.
The Lotto has a total customer base of 16,000 people, with parent company Furlong Gaming informing the Telegraph that three owners and 21 syndicate owners have been created via the lottery.