HRI says horse sector is worth almost €2.5 billion annually to Ireland’s economy

Irish racing’s ruling body has estimated the horse sector is worth almost €2.5 billion a year to Ireland’s economy.

On Thursday, Horse Racing Ireland released a report carried out for it by Deloitte that also outlined how over 30,000 jobs are linked directly or indirectly to Irish racing.

The report says there was sustained growth across multiple measures including breeding, training, and ancillary activities, during 2022.

It claims the sector delivered €2.46 billion to the Irish economy in direct and stimulated expenditure in 2022, up 34 per cent on a 2016 figure. It also said racing supported 30,350 jobs last year.

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The report comes on the back of recent examination of HRI’s continuing state funding which this year comes to €72.8 million.

Record prizemoney of €68.6 million in 2023 has been focused on particularly after a report by the Football Association of Ireland that was critical of the level of funding going into the Horse & Greyhound Fund.

Thursday’s Deloitte report is a robust defence from HRI for government backing and it described Irish racing as having “leadership status” around the world.

HRI’s chairman, Nicky Hartery, said: “Ireland’s global position in racing, from fledgling status a few short decades ago, is today a strong one.

“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.”

Suzanne Eade, HRI’s chief-executive, said the Deloitte report reflects the impact of government support and the return it provides.

“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 full time employments, 9,400 of those in the core industry, making their living as a direct or indirect result from the racing and breeding industry,” she said.

“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,” Eade added.

The report said the breeding sector generated €819 million in revenue last year. It also said €264 million was spent by owners in training and running their horses, while €193 million was spent by racegoers both on and off course. With €538 million in bloodstock sales last year, Ireland ranked second in the world behind the US.

In the six years from 2016 to 2022, it estimated capital expenditure in the breeding and racing industry reached €265 million. In terms of capital investments on racecourses, almost €110 million was invested from 2017 to 2022 with over half of that provided by HRI.