How I made a killing at the bookies

Ian Yates won his first bet at the age of eight. After a rocky start when competitors nearly put him out of business, the ex-politician is now head of a string of bookmakers across Ireland and Wales.

Ivan Yates, 48, has been gambling ever since his horse came in at 6/4 in 1967. "I was about eight, and my older brother came back from boarding school and showed me how to bet." Down on the quays in Enniscorthy, in Wexford on Ireland's south west coast, "I put one shilling on Lester Piggott at Bath and it came in for me. From that moment I was hooked."

It's hardly surprising, then, that 40 years later the one-time politician and wool merchant's son is running his own bookies, a €180m a year company called Celtic Bookmakers. Not that the journey has been an easy one. Indeed, since opening his first shop two decades ago, "I can think of several examples when we nearly went bust".

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Jody Clarke

Jody studied at the University of Limerick and was a senior writer for MoneyWeek. Jody is experienced in interviewing, for example digging into the lives of an ex-M15 agent and quirky business owners who have made millions. Jody’s other areas of expertise include advice on funds, stocks and house prices.