HRI budget | Horse Racing Free Tips

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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Horse Racing Ireland’s 2021 budget has been approved, with measures to combat the threats of COVID-19 and Brexit key among the priorities.

Brian Kavanagh, chief executive of Horse Racing Ireland, said, “The HRI budget for 2021 is set in the context of two lifetime challenges hitting the sector simultaneously and the priority is to shield the industry from the impacts of both Covid-19 and Brexit, while being cognisant of the welfare of our horses and the people that work with them. Thanks to the effort of many, the finances of Horse Racing Ireland are stable as we come to the end of one of the most challenging years any of us will ever face. The Board wishes to acknowledge the effort and sacrifices made within the industry this year and is pleased to announce a progressive budget for 2021 which is aimed at giving some clarity in an uncertain environment.

“In framing its budget, HRI is following the key objectives set out in our Strategic Plan for the industry 2020-2024 which was launched earlier this year. The quality of the Irish racing and breeding product remains strong and, working within our plan, I am confident that we can put 2020 behind us and look forward with some optimism.”

Budgeted prizemoney for 2021 is €60.7-million, with the return of minimum prizemoney levels to €10,000 a priority. Fourteen extra fixtures have already been announced, taking the overall total to 384.

The budget also includes government funding toward the redevelopment of the Irish Equine Centre in Johnstown, Co. Kildare. This project will ensure the highest possible standards of disease prevention and surveillance within the industry. The budget also makes provisions for an all-weather track at Tipperary and a new racecourse grant scheme to enhance stable yard capacities. HRI noted it will work with racecourses in 2021 on a case-by-case basis to assist them with mitigating the impact of COVID-19. Budget provision has also been made for a national awareness campaign for the safe return to race-going when appropriate.

The board has approved €14-million for integrity and racecourse services, and €1.3-million to support breeders and the sale of Irish-bred horses in light of the double threats of COVID and Brexit.

Kavanagh continued, “2020 was a year when prudence with the industry’s finances was an absolute necessity and the resilience of our sector enabled many to get through the year. That said, 2020 was anything but normal and the spectacle of high quality racing in front of empty stands was a depressingly familiar sight. Regrettably this new normal will continue to be the theme as we head into 2021, although recent developments regarding vaccines and travel do allow some cause for optimism regarding a safe return to more normal activity.

“The allocations in Budget 2021 have been guided by the HRI Strategic Plan for the industry with growth in fixtures and prize money targeting increased participation in the sector. HRI will ensure that our prize money remains internationally competitive and we will announce a new scheme in early 2021 to provide financial support to the breeding industry and assist Irish vendors in the post Brexit environment. The Irish Tote alliance with the UK Tote Group will commence from 1st January 2021 following the issue of a new seven-year Tote licence by the Government in October, while the latest phase of redevelopment of Leopardstown has just been completed, although unfortunately we will not be able to showcase it to the public at the forthcoming Christmas Festival.”

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