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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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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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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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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The system is operated by RMG's timing partners, Coursetrack. Runners will carry lightweight GPS trackers designed to fit within the saddlecloths and transmit data directly to a centralised operation at Racing TV's London studios. Coursetrack already is in operation at Leopardstown, Dundalk and Fairyhouse.

More transmitted data includes race clock, leader's speed, leader's time per furlong and distance to finish.

“Racecourses in Ireland enter a new media rights environment from January and it is imperative that we ensure there is as much information as possible for those who want to bet on the action on our tracks,” Suzanne Eade, CEO of Horse  Racing Ireland, said. The rollout of timing data from Coursetrack will be a key element in that, and I warmly welcome today's announcement.”

Sectional time reports for each race will be published in the results section on RacingTV and other affiliated websites the day after racing.

“Pace is arguably the single most important factor of a horse race–horses generally run best when their energy is used optimally, which means regulating their effort as evenly as possible,” Ruby Walsh, former 12-time champion jockey and now RTE, ITV and Racing TV presenter and pundit, said. “Get the pace wrong and you'll usually get the result wrong. Sectional times are vital for my role as an analyst, especially in upgrading and downgrading a horse's performance depending on how the race and their individual race was run. And while watching a race, it's just vital to have the clock to back up what your eyes are telling you about the pace of a race.”

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The position will require shared time between clinical work as a treating physician at St Vincent's University Hospital–the national surgical centre for pancreatic cancer–and research work at University College Dublin (UCD). Candidates from Ireland and abroad are expected to apply.

The role is named in memory of Pat Smullen, who passed away from pancreatic cancer in September 2020. Through his efforts, the Irish horse racing and breeding industry over Irish Champions Weekend in September 2019 raised €2.6 million for Cancer Trials Ireland's pancreatic cancer trials and awareness.

“The Pat Smullen Pancreatic Cancer Fund arises from various fundraising endeavours undertaken by champion jockey, Pat Smullen, his family, and the horse racing community, following his diagnosis with pancreatic cancer in March 2018. The inaugural fundraising event raised €2.6 million with further fundraising events having raised an additional €367,000 to date,” said Eibhlin Mulroe, CEO of Cancer Trials Ireland. “Sadly, Pat died in September 2020, but his legacy lives on and the fund he created has now provided new treatment options for 174 patients with pancreatic cancer, at no cost to themselves, or to the State.”

For more information on the Pat Smullen Pancreatic Cancer Fund, visit Cancer Trials Ireland.

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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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That represents a 2.5% rise on the pot that was on offer in 2022 while HRI also announced several other key industry supports and a contribution of over €1m to other initiatives on Wednesday.

Integrity funding is set to increase to €15.9m (+3%) while the 2023 Budget provides for investment in equine welfare activities and welfare related grant funding of €2.7m, the same level as 2022.

HRI also approved increased investment in industry education and training (from €0.6m to €0.8m) to support all sectors of the industry in achieving sustainable and best practice employment.

Next year will also see a continuation of funding for the IRE Incentive Scheme for breeders to meet the ongoing challenges posed by Brexit.

The Scheme is producing a significant multiplier effect in terms of investment at the sales, which will provide for €1.3m in vouchers that can be spent on Irish-bred horses at Irish sales next year.

Grant aid will be available to racecourses with 21 tracks receiving grants from HRI for industry-focused projects under two capital development schemes targeting key elements of the racecourse infrastructure and standards such as stable yards (capacity and facilities), weigh rooms and the racetrack itself, including the upgrading of watering systems. Under schemes covering 2022/23, 40% grant aid of €6.3m has been approved towards projects totalling approximately €15.75m.

Eade commented, “The Irish Horse Racing and Breeding Industry has stood up well to the challenges of Brexit and Covid-19 and we saw a welcome return of fans to racecourses in 2022. The investment choices for 2023 reflect a continued focus on our key strategic priorities for the industry whilst responding to some of the more recent economic challenges.

“Prize-money is a key enabler in building and maintaining the number of quality horses in training in Ireland. Approximately 70% of horses competing receive some prize money so it is important that we prioritise its growth and continued broad distribution amongst all the participants (owners, trainers, jockeys and stable staff) in order to sustain the significant rural jobs created by the industry. It is therefore very important that in 2023 HRI has been able to increase the total prize-money that will be on offer, to its highest level.

“The bedrock of the sport is the integrity of our product and HRI continues to increase our investment, building on several years of significant recent annual increases, both directly and through the vital work of the Irish Horseracing Regulatory Body.  We also continue to focus on and support a broad range of targeted equine welfare initiatives.”

She added, “Recruitment, Development and Employee Retention remains a key challenge for the thoroughbred industry, so we intend to extend out our education and training offering and have backed that up with increased investment for 2023. Next year will see both the launch of a new graduate recruitment programme and the development of an educational framework for the industry.

“There are many challenges and inflationary pressures facing the breeding and racing industries, but we can take great confidence in the strong performances of our breeders at the sales in 2022, boosted by the effectiveness of the IRE Incentive Scheme in driving reinvestment in our global leading Irish bloodstock, as well as the continued international successes achieved by our horses in both Flat and National Hunt racing. The collaboration between HRI, ITBA and ITM have been instrumental in the ongoing success of the IRE scheme. Development of the grassroots remains a vital priority and hence why HRI have extended our support for the Point-to-Point sector to its highest level ever.

“2023 will also be an important year for racecourses with the signing of a new media rights deal which will underpin their financial security for the next five years. HRI will continue its 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, drive fan engagement and increase race day attendances.”

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Attendances for the first half of 2022 were down 9% on 2019 levels while on-course bookmakers reduced by 10.3% and Tote Ireland turnover was down a further 12.8%.

However, bloodstock sales in Ireland at public auction continue to thrive, with the figures for the first six months up 31% to the most comparable recent figure of 2019. 

There were just three fewer fixtures in the first six months of 2022 compared to 2021. Despite this, there were 1,508 fewer runners and field sizes have fallen from an average of 12.5 per race to 12.1 during the same period across both codes. 

The number of horses in training for the first six months this year compared to 2021 has fallen by 594 to 8,342. However, these figures are still greater than the pre-pandemic 7,206 horses that were in training in the first six months of the year in 2019. 

Active owners are also up on pre-pandemic figures but there are 52 less active owners this year compared to last year while just 510 new owners registered in the first six months of 2022 compared to 637 in the same period in 2021. 

Sponsorship is inching back towards pre-pandemic levels. In 2019, race sponsorship reached €4.2m. That figure fell to €1.5m in the first six months of last year but is over double that in the same time period in 2022 at €3.1m.

Attendances have not returned to pre-pandemic levels. A total of 505,752 people have come through the gates during the first six months of 2022 compared to 555,475 in 2019. 

Horse Racing Ireland chief executive Suzanne Eade admitted the industry has come through a challenging couple of years but praised the resilience shown among stakeholders. 

She said, “After a challenging couple of years, the hard work and efforts across the industry has meant that Irish racing is in a strong position to face up to the combined challenges of the lingering effects of the Covid-19 pandemic, Brexit and an increase in the general cost of living.

“In the first half of last year, our racing calendar adapted to reflect an increased demand, particularly in the National Hunt sector, for racing opportunities for a growing horse population. A significant number of extra races were scheduled to allow horses unable to run in point-to-points to compete on the racecourse. That necessity no longer exists, and it is telling that the entries, runners and field sizes are all tracking ahead of the same comparable period which is January to June 2019.”

Eade added, “I am very encouraged that the number of active owners has held up well while we continue to attract healthy numbers of new owners with 510 registrations in the first six months of 2022, a significant figure in the face of so much economic uncertainty. Again, these numbers are ahead of pre-Covid levels of 2019.

“What has decreased, by 9%, is the attendance levels compared to 2019. Many sports and leisure sectors have faced a challenge in returning to pre-Covid levels of attendance and Irish racing is not immune to that. It is a challenge that everybody will step up to and over the past few weeks we have enacted a strong media marketing campaign to drive attendances throughout the summer. I have seen many instances of innovation and strong engagement from racecourses over the past few weeks and months and am confident that the interest we know there is in racing, will translate back into racecourse attendance.

“An increase in total Tote betting to €31.9m points to the benefits of its strategic alliance with Tote UK, and off-course betting into Irish pools is up 21.3% on the 2019 tally. However, betting on-course, for both Tote and bookmakers, is down on the pre-Pandemic 2019 figures.

“Bloodstock sales have performed very well, particularly the National Hunt store sales, with a figure of €62.5m for horses sold at public auction. This reflects the high confidence international and domestic buyers have in horses bred, reared, and prepared in Ireland. This figure is also well ahead, over 30%, of the €47.7m recorded for the first six months of 2019.”

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Casey is a Fellow of Chartered Accountants Ireland, a member of the Institute of Directors in Ireland, and brings international commercial experience to the role having worked with Marsh McClennan; KPMG in Toronto and Dublin; and Deloitte in Dublin.

Eade said, “I look forward to working with Roger, who brings significant financial expertise and leadership to Horse Racing Ireland, coupled with a strong understanding and appreciation for the racing and breeding industry. Roger will have the full backing of a dedicated team in HRI across a diverse portfolio who I have enjoyed working directly with for over six years.”

Casey said, “Racing and breeding are part of the fabric of life in Ireland and I am very aware of the significant impact and footprint of this industry having spent 14 years with a great team at Tattersalls Ireland. I am looking forward to starting this new and exciting role in Horse Racing Ireland, and working alongside CEO Suzanne Eade, the Board and the wider team at HRI.”

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