Horse Racing Ireland boss Suzanne Eade says the industry is facing into a period of uncertainty in relation to gambling regulation and described integrity and equine welfare as “crucial areas” for investment in announcing the budget for 2024.
Prize-money is an area that HRI have concentrated on and will be increased by €1.3m to €69.4m while a record 395 fixtures will be staged. However, while owners have “a record number of opportunities” to look forward to with their horses in 2024, administration fees are set to rise.
Eade said, “The value of the Irish Horse Racing and Breeding Industry was measured in 2023 and amounts to €2.5bn, an increase of over 30% since 2016, despite some challenging times in the intervening period. In framing the industry budget for 2024, Horse Racing Ireland wants to create the environment for that contribution to the economy to grow again.
“Deloitte's research found that the industry fuels in excess of €500m of Foreign Direct Investment (FDI) every year and we know that prize money remains the most significant lever in attracting investment into Irish racing. This FDI contributes heavily to rural economies all over Ireland, and so in increasing the fixture list to 395 fixtures in 2024, we do so by increasing the prize money fund to €69.4m and maintaining current race values.
“This budget for 2024 sees increases in the crucial areas of integrity and equine welfare; following the launch of HRI's Sustainability Strategy, it provides for an initial sustainability scheme for racecourses; and it ringfences support for one of the greatest challenges our industry faces: the recruitment and retention of industry staff.”
Integrity funding is set to increase to €17.3m (+7%) as HRI continues to invest in all aspects of Integrity (IHRB, point-to-points, as well as racecourse operational integrity needs). This figure, which includes €0.8m in business-critical IT capital funding to the IHRB, has increased from €16.1m in Budget 2023 and has grown from €12.4m in 2020.
The 2024 Budget provides for investment in equine welfare activities and welfare related grant funding of €3.5m, an increase of €0.8m on Budget 2023. The HRI Equine Welfare focus continues to be on Standards, Traceability, Safety Nets and Education. On-going support of Treo Eile and the Irish Horse Welfare Trust will help to promote the versatility of thoroughbreds for alternative careers. 2024 activities also include phase two of the Equine Injury Risk Reduction (EIRR) project – actions to mitigate risk, continued monitoring and reporting including publication; the introduction of a Welfare Standards Assessment online learning course tailored for Irish Industry participants; and delivery of an Equine Welfare Conference in May 2024. HRI will also continue to support the IHRB with respect to their ongoing welfare activity.
Eade continued, “The IRE Incentive Scheme for breeders will continue in 2024 in recognition of the difficult market conditions at many sales in 2023, and HRI has extended its support for the Point-to-Point sector to include insurance specific grants in 2024.
“2024 will also be an important year for racecourses being the first year of the new media rights deal which will underpin their financial security for the next five years, against a backdrop of uncertainty with respect to gambling regulation. HRI will continue its significant investment in upgrading racecourse facilities with the short-term focus on improving industry infrastructure, while our Marketing team will continue to support racecourses' promotional activities with campaigns to grow interest in our sport and drive fan engagement and increase race day attendances.”
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