Legendary punter McManus admits addiction

But he never misses the Festival because gambling and horses remain at the core of his life. 'From a very young man I was always gambling and became addicted to it,' he said. 'At first the horses were just the means and my betting was always on the ...

Legendary punter McManus admits: I didn't back my Gold Cup winner
By Jonathan Powell

For a legendary punter it was a startling admission. Leading owner JP McManus did not back any of his five winners at the Cheltenham Festival last week.

Not even his Gold Cup hero Synchronised.

'But that doesn't take away the pleasure of watching my horse land the big race,' he said.

'He has his own way of doing things and I told my friends they could do worse that have a few quid on him. I got every encouragement to back him from his trainer Jonjo O'Neill and jockey AP McCoy. We thought he had a chance.'

McManus spends most of the year in Switzerland, playing the world's financial markets. But he never misses the Festival because gambling and horses remain at the core of his life.

'From a very young man I was always gambling and became addicted to it,' he said.

'At first the horses were just the means and my betting was always on the edge.

'Then you try to change the addiction from gambling to winning. So winning became the addiction.

'I still love gambling, but like to think I'm disciplined.'

He started out earning £10 a week driving a bulldozer for his father near Limerick and, at 19, he worked on an estate called Martinstown, now a magnificent home to the McManus family.

Every Saturday, he punted his wages in Alf Hogan's betting shop.

'That was my kick for the week,' he said. 'We paid betting tax of 5p in the pound on win bets and no tax on doubles and trebles.'

But new legislation changed his life.

'The tax shot up to 20 per cent on all bets. I quit overnight. You could say finance minister Richie Ryan did me a favour.'
He then changed sides and became a bookie at the age of 20.
It was the start of an extraordinary saga that led to untold riches founded on gambling and now derived chiefly from the markets.

McManus is now Cheltenham's leading owner, with 37 winners, and he added: 'I've had so many great moments here, but Synchronised stands out as the best.'

Kauto Star was back in public on Saturday, 24 hours after dropping out of the Cheltenham Gold Cup.

He was applauded as he led the parade through the streets of Ditcheat, Somerset, followed by stable mates Big Bucks and Rock On Ruby, who both won at the Festival.

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