SEVEN OF Ireland’s biggest independent bookmakers have joined together to launch formally BetPack.com.

This will provide them with an online gambling presence for the first time.

The move has been supported by Dublin-based investment group Raglan Capital, which has taken a 10 per cent stake and has raised close to €2 million from its clients to support the venture.

Raglan founder Cathal Friel has been appointed as chair of BetPack.com.

As revealed by The Irish Timesin December, BetPack has brought together Bambury Bookmakers, Hackett's, Mulholland's, Terry Rogers, Toolan Bookmakers, Track Bookmakers and Tully's.

These groups operate 180 betting shops across Ireland and have a combined betting turnover of about €600 million. Each will have an equal share of BetPack’s profits.

They aim to develop an online presence to allow them to compete with the established large players in the Irish betting market, which include Paddy Power, Boylesports and Ladbrokes bookmakers.

Jimmy Finlay, a spokesman for BetPack, described the move as a “huge development” for the industry and would help to “safeguard” jobs.

“We were losing approximately 25 per cent of earnings to online betting once we close our shops in the evening and now we can develop a relationship with our customers both over the counter and through the BetPack.com website.”

Mr Finlay said other independent bookmakers could join the venture.

“We wanted to see how this initial launch phase goes and we may then look at additional independent bookmakers coming on board,” he added.