Bookie to billionaire: the story of an Irish racing man.
The Irish and their annual invasion of England for the Cheltenham Festival are one of the great idiosyncrasies of the jumps racing showpiece in mid-March.
Thousands of racing-crazed folk cross the Irish Sea for the meeting. But one looms large over all others, evoking emotions of awe and fear in the massive crowds gathered in the Cotswolds – and particularly among the bookmaking fraternity. His name is John Patrick McManus, or simply “JP”.
JP turned 74 on Monday, doubtless reflecting on an astonishingly successful life in gambling. From modest beginnings as a small-time bookie, he has become one of Ireland’s richest men, with a net worth of around €3-billion (R60-billion), and its most powerful racehorse owner, with the green and gold hooped silks ubiquitous.
On Tuesday this week, the first day of Cheltenham 2025, JP led in his 79th festival winner. This was Puturhandstogether, a 17-2 chance that won the Juvenile Handicap Hurdle.
JP has about 60 runners at Cheltenham this week and the current odds on him landing five winners over the four days are 1-2. But which horses will they be? He had two beaten favourites on Tuesday’s Day 1.
A knockout blow?
Brian O’Keeffe, spokesperson for bookmaker BoyleSports, commented to the Irish Mirror: “It’s the green and gold that makes us bookies nervous … Kopeck De Mee has been a real plunge horse for JP … he could deliver a knockout blow to us bookies on Friday.”
Interestingly, JP won’t dabble much this week. In a rare interview, with Racing Post, he said these days he can enjoy watching his horses without a bet.
“I don’t really bet like I used to. In those days I always wanted to be in the fast lane. I was headstrong. I’ve done a lot of foolish things but as you get older, you become more mature. I have a more considered approach now.
“Back then, I used to have my mind made up about things. That’s dangerous. When you have your mind made up, it means you can’t change your mind. These days I delay making a decision until one has to be made.”
Reading odds and patterns
Battling casual punters will be forgiven for rolling their eyes; this coming from a man who built his fortune on professional gambling.
Born in Limerick, he started work in his family’s building supply company.
Placing bets on horses and greyhounds, he discovered his super-power: an uncommon ability to read odds and patterns while eschewing emotion and relying solely on cold reason.
In the 1980s, by then one of the world’s top professional gamblers, JP branched out into currency trading. Then, through a maze of holding companies, he made worldwide investments in property, healthcare, hospitality, mining and banking.
And, for a while, in football, with shares in Manchester United alongside business and racing collaborator John Magnier.
This led to a well-publicised and acrimonious legal fight involving erstwhile friend Sir Alex Ferguson – then the ManU manager – over stud rights of their co-owned champion racehorse Rock Of Gibraltar (all parties have since made up, but the thoroughbred spat is still blamed by many for the football club’s subsequent – and current – travails.)
Life as a billionaire is not all roses and JP has faced loud criticism for his tax evasion moves, which include residency in Switzerland.
This hasn’t stopped him from investing in Ireland though, with one publicised initiative being the purchase for €30-million (R600-million) of Adare Manor, an early 19th century mansion and estate in his home county of Limerick.
JP and partners have spent 10 times the purchase price refurbishing the place into a luxury hotel and golf estate – and have been rewarded by having the resort named as the venue for the 2027 Ryder Cup.
