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Jockey Lynch Breaks Silence On $10m Bet Spree

Friday, 31st October 2008

Jockey Glenn Lynch "who racked up $300,000 in gambling debts" broke his silence about his "wild $10 million betting spree" & told The Daily Telegraph bluntly: "The more I lost, the bigger I bet." Lynch, 37, emphasised he backed the string of losers during a 6-months period "while he was not a licensed rider". Lynch told the newspaper "gambling took over his life & "since his financial woes had come to light, he had experienced further setbacks", including the revelation that "police raided his Toowoomba home for drugs earlier this month, only to leave empty-handed". Lynch explained that during the equine influenza crisis last year, he "turned to the punt to pay outstanding debts" as "I was trying to get myself out of the sh--, only to end up further in it. It was hard. I had just started up my training career when EI hit. I had gone out & bought saddlery, coverings. Horse floats & a 4-wheel-drive I leased for $1,200-a-month that I couldn't drive in the end (because of EI restrictions). All-up it cost me about $40-50,000 to set up my business. I wasn't making any money & needed to pay money left, right & centre. So when you're sitting at home, I thought I'd look to the industry I know best & worked in." Lynch said he started with $30,000 on his credit card, but emphasised his betting began "only after I was no longer a licensed jockey. Not once did I bet while riding."

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