Gamblers in north Kerry are believed to be celebrating a betting coup that netted them up to €2 million in winnings.
It has been estimated that the sting operation, which took place earlier this month, cost bookmakers in Ireland and the UK up to €2 million. However, other pundits say that this figure is pure speculation and estimated that it was lower.
The operation was based on a race in Leopardstown, Co Dublin, 12 days ago. In a well-planned affair, people placed bets in bookmakers around the country on a horse called Bocaccio, which went on to win.
It is understood that much of the gambling took place at bookmakers in the Munster area and that the coup was organised by a group from north Kerry.
It is believed that Cashman's bookmakers in Cork paid out some €130,000 to punters, while the Paddy Power chain paid out an estimated €100,000.
The betting coup also stung bookmakers in the UK and at the online betting site Betfair, as well as other independent bookmakers in Ireland and at the track.
One Irish on-course better is believed to have netted €600,000.
It is understood that only a handful of people knew which horse was to be backed. Those who put money on the winner only got the name of the horse just minutes before the race.They were instructed to place bets of €500 on behalf of the group when the first show of betting appeared on TV screens in betting shops.
"There was only one bet per office at a variety of different locations so as not to arouse suspicions," said one racing insider.
The odds on the horse opened at 7/1. After each bet was placed members of the group were then allowed to have a bet with their own money.
The horse won at odds of 9/4.
Between what was taken out of the betting shops and what was laid on the horse at the track, "bookmakers were easily stung for at least €2 million", the racing source stated.