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HRI Reports “Strong” Figures In 2023 Despite Dip In Owners And Attendance

Horse Racing Ireland chief Suzanne Eade says the figures posted in 2023 in relation to on-course betting, commercial sponsorship and public auction bloodstock sales points to a solid year for the industry as a whole in Ireland.

However, in the full-year statistics released by HRI on Thursday, it showed that the total number of active owners in Ireland has fallen by 1.2% to 4,698 and racecourse attendance figures have also dipped compared to the numbers posted in 2022.

Total on-course betting, including Tote, rose to €80.5m in 2023, an increase of 5.9%. Bookmaker betting on-course increased by the same percentage to €69.8m, a figure comprising €59.9m, up 5.1%, in the betting ring and a turnover of €9.9m in the on-course SP shops, up 11.2% on the previous year.

Total Tote betting, incorporating the World Pool meetings at the Curragh on Dubai Duty Free Irish Derby Day in early July and the opening day of the Irish Champions Festival at Leopardstown in September, has risen by 9.6% to €78m. Betting on-course with Tote is up by 5.6% to €10.7m. Off-course betting receipts amounted to €102.6m, a slight increase on last year's figure of €102m.

There was also a rise in the figures relating to commercial sponsorship. That figure rose by 8.8% to €6.3m with EBF sponsorship coming in at €2.67m, up 3.1% on last year. Bloodstock sales at public auction increased by 7.5% to €231.5m, the value of Irish-foaled export horses sold through auction is €333.7m while the number of countries to which Irish-foaled horses were sold at auction was 33.

Eade said, “These figures more than demonstrate that the Irish racing and breeding industry remains in a strong position despite recent challenges and the cost-of-living crisis that now extends into its third year.

“Each has posed a particular threat and yet, with the support of Government and the industry's continued ability to attract foreign direct investment, the figures continue to hold up. A rise in the owner retention rate and in the number of horses-in-training point to a healthy product and will drive employment within the sector.

“Reported attendances in 2023 fell back by just under 1% to 1.236m. However, it was hugely encouraging that attendances at the major festivals were strong throughout the year.”

While the total number of owners fell by 1.2% to 4,698, the number of syndicates has risen by 4% to 858. The number of companies registered as owners in Ireland is up 3.3% to 158. The number of new owners is down by 1.6% to 805 but encouragingly, the owner retention rate has risen to 73.7%, up 1.2% on last year.

Both the UK and the USA were deemed as key areas of focus for the Ownership Department and it is significant that the ownership base has risen in both countries, with a total of 357 UK-based owners, an increase of 7.5%, and 107 owners resident in the USA, up from 90 last year. The 2023 economic impact report, carried out on behalf of HRI by Deloitte, shows that Irish racing and breeding attracts over €550m in foreign direct investment each year.

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Joint Cooperation Committee Formed by Japanese, British and Irish Racing Industries

A partnership to encourage international initiatives and working practices between the Japanese and British and Irish horseracing industries was announced by the British Horseracing Authority (BHA), Horse Racing Ireland (HRI) and Japan Racing Association (JRA) on Friday.

The creation of the Joint Cooperation Committee is to serve as a formal platform for members within the British and Irish horseracing industries to engage with their counterparts in Japan via the JRA. It will consist of agreed representatives from key shareholders in the respective territories including the BHA, HRI, Racecourse Media Group (RMG), and principal courses like The Jockey Club Racecourses, York, Ascot, Goodwood, and Leopardstown.

The group's earliest groundwork includes a variety of schemes, and marketing and media initiatives to promote Japanese horses and connections travelling to Great Britain and Ireland, and vice versa by raising awareness of those markets among domestic participants, media, bettors, and fans. Another goal is to create a direct regulatory partnership which will perform its duties but not cut across pre-existing arrangements. Ultimately, the goal is to further internationalise the sport of horse racing and support the breeding industries.

“I am delighted that the horse racing organisations in Britain and Ireland with their history, tradition, quality and innovation, have now united to form the Joint Cooperation Committee with the Japanese Racing Association,” said JRA CEO, Masayoshi Yoshida. “It is an important and significant step for the JRA, and Japanese horse racing. We will be working together more strongly than ever before to achieve further development in all areas. I look forward to working hand-in-hand to create the future of horse racing together.”

Joe Saumarez Smith, chairman of the new Joint Cooperation Committee as well as the chair of the BHA, said, “We are delighted to be collaborating with the JRA and are hugely grateful for their significant support. The creation of this Committee is the next step in our relationship, as we further pool our knowledge and insight, and combine our considerable marketing and media assets. This can only lead to increased participation in each other's racing, resulting in deeper fan engagement, and increased and new revenues.”

HRI's CEO, Suzanne Eade, shared the enthusiasm of her counterparts for the future of the new committee. “Ireland looks forward to being a full and active partner with Britain and Japan in the Joint Cooperation Committee to share our collective wisdom and progress our shared objectives of increasing participation and engagement.”

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Integrity And Welfare Funding Increases In HRI’s Budget For 2024

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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Eade Says Attendances A Priority As HRI Release Six-Month Statistics

Horse Racing Ireland boss Suzanne Eade has put attendance figures towards the top of her priority list for the remainder of 2023 and hailed the resilience of owners against the backdrop of the cost of living crisis as the six-month statistics were revealed on Thursday.

Attendances have climbed 7.6% to 544,147 for the first six months of the year while sponsorship rose 4.8% to €4.4m with horses winning overall prize money of €30.6m. That is up 1% on last year's corresponding figures, despite a reduction in the number of race meetings by two to 176.

Eade commented, “I welcome these figures as a testament to the resilience of the Irish racing and breeding industry. On the back of consistent Government support, our industry continues to be a key contributor to rural communities in virtually every county, providing direct and indirect employment at every turn and a vital social outlet to so many people.

“Despite the increases in the cost of living, it is noticeable how well the number of horses-in-training is holding up and the increase in the overall attendance figure by 7.6% is certainly to be welcomed. Pushing for increased attendances at all 26 racecourses is a key aspect of our ongoing marketing campaigns and the undoubted interest in racing is again resulting in a greater number of racegoers, a trend we hope to see continuing into next week's Galway Festival and the key early autumn meetings at Irish Champions Festival and the Listowel Festival.”

Total Tote Betting (excluding World Pools) for the first half of the year is up 6.3% at €33.9m. The World Pool was incorporated at the Curragh on Dubai Duty Free Irish Derby Day for the first time with 28 pool betting operators from around the globe wagering an additional €25.8m across the eight races. Total on-course betting reached €36.1m with on-course bookmakers handling €32.1m and on-course shops returning an overall figure of €4.4m.

The total number of horses-in-training during the period rose by almost 300 to 8,614 (up 3.3%), but the number of active owners fell by the same percentage to 3,843. The number of new owners registered in the first half of 2023 was 455.

While the Goffs Punchestown Sale and the Tattersalls Ireland Breeze-up Sale performed well and there was a strong demand at the store sales, the figure for bloodstock sales at public auction overall fell by 2.4% to €61m.

Eade continued, “Field sizes, whilst still bearing very healthy international comparisons, are down marginally and it is vital that there is continued investment in the racing programme and prize money to ensure that we continue to attract and retain owners.

“The increase in the betting, both with Tote and the bookmakers, is a further boost for the industry. For the first time, we have two World Pool days, one in each half of the year, and on the back of the success of the initiative at the Curragh on Derby Day, we can look forward to Irish racing being back in the international spotlight for the opening leg of the 2023 Irish Champions Festival at Leopardstown in a little over six weeks' time. These days both raise awareness of the Tote and deliver a significant return to Irish racing.

“Another vote of confidence in the industry is provided by the numbers relating to the sale of horses at public auction. While an overall spend of €61m is slightly behind the same period last year, it is heartening that demand for Irish bred and reared horses continues to be strong across the board.”

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