Standardbred Canada (SC) and the Canadian Thoroughbred Horse Society (CTHS) are pleased to announce the development of a national economic impact study.
The two organizations are working with Serecon, a third-party research company, to conduct an economic scan and facilitate key stakeholder interviews through a national survey and provide further analysis.
The goals of the project are:
- To increase the understanding of the current state of the sector;
- To identify and articulate the economic and social impacts of horse racing across the country;
- To develop strategic recommendations to ensure the sustainability and inclusivity of the horse racing sector;
- Socialize findings with key federal government stakeholders
The study will review such economic drivers as cost of ownership, economic contribution from horses, and industry trends.
“We are pleased to collaborate with Standardbred Canada to conduct the economic impact study for the Thoroughbred and Standardbred racing breeds,” said Adrian Munro, president of CTHS. “The study will build off of the pre-pandemic era to begin tracking overall impact drivers for our industry.”
“This is a first for both national breed registries who have agreed to work together to collect data and information on the horse racing sector in Canada and using the key performance metrics that the survey provides will help us understand and measure our lines of business with the ultimate goal of building a sustainable future for the industry,” said Dan Gall, president and CEO of Standardbred Canada.
The final report will be reviewed by CTHS and the SC Board of Directors and is scheduled to be submitted in January 2023. This report will provide an overview of the evolution and current state of the Canadian horse racing industry and highlight the economic and social impacts of the sector, outline challenges, opportunities, and recommendations to consider.
Bob Burden, a Senior Director with Serecon, added that, “Our team will accurately assess the total contribution of the Canadian horse racing industry to Canada's economy so that both associations will be better equipped to address challenges going forward”.
Both parties, SC and CTHS, encourage the horse racing sector to provide information into the research being conducted to allow our sector to be as thorough and accurate as possible with the data collected.
To take the survey click here.
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