The announcement comes following discussions between the bookmaker and the Irish Horseracing Regulatory Board (IHRB).
Dungarvan man, Dylan Phelan (25) works for trainer Declan Queally at his Cappagh, Co Waterford stable.
On April 19 last year, Mr Phelan placed a €30 each-way double on Diamond Nora at Ballinrobe and Rocky’s Diamond at Limerick Racecourse, both trained by Mr Queally, at odds of 125/1 and 80/1 respectively.
Mr Phelan believed he had won a life-changing payout of €319,440, but 12 months after he placed the bet he had yet to receive any payment.
Earlier this week, Mr Phelan told the Irish Independent he placed the long-shot bet at a Ladbrokes shop in Limerick city on the morning of the races, but he never received the cash after both horses won their races.
The bookmakers previously said it was awaiting the results of an investigation by the IHRB. Mr Phelan and Mr Queally both said they were unaware of what the investigation into the race involved.
IHRB Raceday Stewards in Limerick and Ballinrobe had enquired into the “apparent improvement” in form of both horses in their respective races on April 19 last year, referring the matter to the referrals committee for further investigation, an IHRB spokesperson said earlier this week.
The spokesperson said the investigation is now “nearing its conclusion and a decision will be taken as to what further action, if any, requires to be taken”.
Ladbrokes has now announced it will be settling relevant bets, though the investigation remains ongoing.
A spokesperson for Ladbrokes said: “We have now discussed this matter with the Irish Horseracing Regulatory Board (IHRB) in order to seek a resolution as quickly as possible.
“Although the IHRB is unable to provide details of the investigation, or its likely duration, we are satisfied that it is appropriate to proceed with payment of the relevant bets in accordance with our terms and conditions.”
Mr Phelan has been contacted for comment following the announcement from Ladbrokes that the bet will be settled.
Speaking to the Irish Independent earlier this week, Mr Phelan said: “I work in the yard and look after the two horses [Diamond Nora and Rocky’s Diamond]. I ride them every day. I happened to look at the betting and they were massive odds. I took a chance, I thought the horses were better than the odds they were saying. I thought they both might run nice races.
“It was like a lottery win, a one in a million. It’s much easier to lose than win. I was at the races in Limerick to watch Rocky’s Diamond.
“I was hoping I might get a little return. I was standing there and Rocky’s Diamond was straight at the front. He wasn’t stopping. He won the race.
“I was delighted. Then I checked my phone and I couldn’t believe my eyes, Diamond Nora was heading to the last in Ballinrobe. All of a sudden, she was over the last and then she was winning the race. She won and I thought I was going to have a heart attack.”
Mr Phelan said he had heard from others that had won bets on the races and been paid by other bookmakers
The IHRB has been contacted for comment.
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