THE IRISH Greyhound Board generated a surplus of more than €5 million in 2008 despite falling attendances at racetracks, according to its annual figures.

A 12 per cent drop in the number of racegoers at greyhound stadiums around the State last year resulted in a knock-on 8 per cent drop in tote betting turnover from €49.3 million to €45.2 million year-on-year. Turnover from bookmaker betting slumped from €90.2 million to €75.4 million.

Nevertheless, the board reported a relatively robust €5.1 million surplus for last year, down from the 2007 level of €5.4 million. The surplus will enable the board to maintain prize-money payments at 2008 levels, it said.

“We remain positive that the fundamentals of the sport are strong,” said the board’s chief executive, Adrian Neilan.

“In December, we entertained 34,000 customers on Christmas packages and produced a positive return on total operations of €1.1 million, significantly ahead of budget and of previous years.”

Additional funds have been allocated to market the sport and build on the successful Christmas season.

However, Mr Neilan added that there was “little shelter from the economic storms” that had affected every aspect of Irish business over the past year.

In December, the board announced a €2 million cost-saving plan to counteract the 9 per cent cut in funding for the State’s horse and greyhound fund for 2009.

Changes already implemented under this rationalisation plan include adjustments to tote and levy operations, cuts to track operation costs, and reviews of staffing and remuneration levels.

Salaries above €50,000 have been frozen for 2009, and Mr Neilan and other senior managers have taken a voluntary 5 per cent pay cut.