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Study Points to Sustained Growth of Irish Racing

The racing and breeding industry delivered €2.46bn to the Irish economy in 2022, according to a survey undertaken by Deloitte and commissioned by Horse Racing Ireland (HRI).

This figure represents a rise of 34% since 2016, while the number of jobs supported by the sector has also increased during that time, by 1,450, to a total of 30,350.

Of that total economic impact, €819m is generated by the breeding industry, €264m is spent by owners in the training and running of horses, and a further €193m comes through on- and off-course spending by racegoers.

The report, which was published on Thursday, also states that Ireland is second only to the USA in the amount of money generated by bloodstock sales, with €538m in turnover during 2022.

“Ireland's global position in racing, from fledgling status a few short decades ago, is today a strong one,” said HRI chairman Nicky Hartery. “Last year the industry was responsible for over €550m of foreign direct investment, which points to the stability this industry offers to international investors.

“With the continued investment, expertise, and passion of Ireland's racing sector, we aim to expand the global market for Irish thoroughbreds, create an even bigger domestic footprint to continue to deliver for the rural economy, and demonstrably lead the sector on key measures of equine welfare and sustainability.”

The number of registered owners in Ireland has also increased over the last six years, to a current level of 4,757, which is up from 3,663 in 2016.

HRI CEO Suzanne Eade, added, “The figures from the research carried out by Deloitte on behalf of HRI demonstrate the significance of racing and breeding to the rural economy and is testament to decades of consistent government support.

“Behind the significant economic impact and our global reputation is a hugely skilled workforce, dedicated to the horses in their care. Our industry supports in excess of 30,000 FTEs, 9,400 of those in the core industry, making their living as a direct or indirect result from the racing and breeding industry.

“We are acutely aware that racing and breeding is a very competitive and mobile industry. We will continue to work with government and all stakeholders to maintain our competitive advantage and Ireland's reputation as global leaders at breeding and training racehorses.”

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Media Rights Arrangements Unanimously Approved For 21 Of The Association Of Irish Racecourses By HRI Board

The new media rights arrangements for 21 of the 26 Association of Irish Racecourses (AIR) was unanimously approved by the Board of Horse Racing Ireland (HRI) on Friday.

This new agreement is for a period of five years beginning in 2024.The HRI Board welcomed the unanimous approval of the AIR Board for this deal and the authorisation for AIR to conclude contractual arrangements for 21 of its 26 member racecourses. The completion of the sale of the media rights for 21 racecourses as well as HRI's data rights for all fixtures will now be progressed in timely fashion. The United Irish Racecourses (UIR), comprised of Kilbeggan, Limerick, Roscommon, Sligo and Thurles rejected the new media rights deal earlier this week. HRI will be writing to the quintet of UIR racecourses separately.

Suzanne Eade, CEO of HRI, said in a statement, “To maximise the value of the media rights on behalf of racecourses and the industry, the HRI media rights committee engaged experts to provide a comprehensive valuation of the rights of Irish racing and to assist with the production of an extensive invitation to tender. While the process has been lengthy, the benefits will be significant as it has resulted in new media rights arrangements, approved today by the HRI Board, which represent an extremely positive deal for all Irish racecourses.

“Based on future growth projections, it is hoped that the total value [of Irish media rights] could grow by an estimated further 50% by 2028.

“The outcome has been a long-term deal which will underpin the financial viability of racecourses until at least 2028 and has been unanimously approved by the media rights committee, the board of HRI and the board of AIR.

“Whilst the terms of the media rights arrangements cannot be revealed for confidentiality reasons, the Joint Bid by Sports Information Services (SIS) and Racecourse Media Group (RMG) clearly offered the best financial proposition for Irish racing media rights across all the packages on offer, which was independently validated by an expert third party.

“This will see the overall percentage of the total revenues received by racecourses growing progressively over the next five years. The income flowing to racecourses will be distributed on an open, transparent and equitable basis, with each racecourse receiving revenues largely derived from the betting turnover on their respective individual fixtures.

“There are significant safeguards built into the new arrangements for racecourses with each venue guaranteed its 2022 average per race income in 2024. An easing-in provision has also been included for the first three years of the new deal to assist smaller racecourses as the model moves to a turnover basis. Virtually all racecourses are forecast to achieve higher revenues in 2025 than at present.

“HRI is extremely concerned that confidential information pertaining to the existing media rights arrangements appears to have been disclosed in breach of the strict confidentiality terms within the existing contract. It is deeply regrettable that confidential and commercially sensitive information within the proposed contractual arrangements for the future rights also appears to have been disclosed. HRI will continue to respect the confidential basis on which the bids were made.

“Much has been said in the media of the HRI earnings in this media rights agreement but without acknowledging that the earnings go directly back to developing the industry, assisting racecourses with capital development grants, paying for other racecourse supports and contributing to the funding of additional fixtures which provide opportunities for owners, trainers, jockeys and all industry participants. HRI has always been conscious of the role it plays in the industry and has consistently listened and reacted to the concerns of racecourses of every size in consecutive rights negotiations.”

To read Eade's full statement, please click here.

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Statistics Reflect Steady Growth In Irish Racing And Breeding

Most key statistics for the Irish Thoroughbred racing and breeding industry showed significant gains when compared to the pre-pandemic year of 2019, as the full-year statistics were released by Horse Racing Ireland (HRI) on Thursday.

In the areas of ownership (+17.1%, 4,757), horses-in-training (10,208, +14.1% on 2019), Tote betting (total Tote betting rose +18.3%), and bloodstock sales (€215.4m, +30.3% on 2019 and +17.8% on 2021), figures are well over 2019's. Owner retention rate is now 72.8%, with the number of syndicates increasing for the fourth consecutive year to 825 (+3.4% on 2021 and +24.2% on 2019). 2022 fixtures decreased to 388 from a record of 394 in 2021, but the first half of 2021 saw a readjustment to accommodate point-to-pointers on the racecourse. For the full statistics, please click here.

Suzanne Eade, CEO of Horse Racing Ireland, said, “A strong and stable racing industry reflects well on rural communities in every county on the island and a key driver of our success is the number of horses-in-training which leads directly to employment in the country's racing yards. While the overall number is down slightly on 2021, the figure of 10,208 is well ahead of the 2019 figure which bodes well as we start into a new year.

“Almost seven out of every 10 runners in Ireland (69.8%) won prize-money in Ireland in 2022, 5,686 horses in total, and that's the highest number we've ever reported in this category. It's an important indicator for us because we acknowledge the incredible loyalty displayed by owners to Irish racing during the Covid pandemic.

“While the cost of living continues to be an issue for all industries, we can be confident heading into 2023 that racing remains extremely popular in Ireland with attendances rallying strongly in the second half of 2022. Attracting more than nine out of every 10 people that went racing before the pandemic, back to the racecourse, is a tribute to the work put in by the tracks. It was encouraging to see such strong end-of-year crowds at Navan for Troytown Day and at Fairyhouse for the Drinmore meeting, at Naas, Punchestown and Down Royal to name just a few, and of course a very strong performance at the Leopardstown Christmas Festival. 2023 got off to a great start with an incredible day at a well attended Tramore.

“A number of strong public auctions helped push the overall bloodstock sales figure past the €200m figure for the first time and a return of €215.4m is 30.3% ahead of the 2019 figure and 17.8% up on 2021.”

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Irish Thoroughbred Welfare Council 2022 Best-Turned-Out League Winners Announced

The winners of the 2022 Irish Thoroughbred Welfare Council Best-Turned-Out League were announced on Friday. Staff from yards of Jim Bolger, Gordon Elliott, James Fahey, Michael Halford, Eoin McCarthy, Michael O'Callaghan and Robert Tyner's were honoured in different categories.

The categories are based on the number of runners each yard had during their season. Each yard wins €3,000 to be divided among staff. The winning yards are as follows:

Flat Category A: Jim Bolger's yard with 72 best-turned-out horses from 279 runners.
Flat Category B: Michael Halford's yard with 85 best-turned-out competitions from 216 runners.
Flat Category C: Michael O'Callaghan's yard with 37 best-turned-out horses from 119 runners.
Jumps Category A: Gordon Elliott's staff with 160 best-turned-out horses from 1,196 runners.
Jumps Category B: Eoin McCarthy's yard with 74 best-turned-out horses from 193 runners.
Jumps Category C: James Fahey's yard and Robert Tyner's team in a dead heat with 30 best-turned-out winners from just 64 and 82 runners, respectively. They share the €3,000 prize-money.

Bolger, Halford, Elliott, and Fahey's teams were also honoured in 2021.

John Osborne, Equine Welfare & Bloodstock Director at HRI, said, “Once again the best-turned-out (BTO) league has rewarded excellence in horse care while highlighting the high standard across the racing industry. We are delighted to see that over 280 different yards won a BTO prize during the year and the feedback is that it is getting ultra-competitive among yards. We have repeat winners from 2021 in the Elliott, Bolger, Halford and James Fahey yards with new category winners from Michael O'Callaghan's, Eoin McCarthy and Robert Tyner's. It was especially exciting to see the dead heat between James Fahey and Robert Tyner's in the last few days of the competition.”

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