HRI announce prize money increase HRI have announced increases in funding for the racing industry in 2023. In a press release yesterday the governing body detailed their budget for next year:- ----------- Horse Racing Ireland (HRI)’s budget for 2023 was approved at its Board meeting on Monday December 19. HRI’s commitment to ensuring that Ireland remains a global leader in terms of the quality of our race programme whilst also continuing to grow the grassroots of the sport sees a targeted increase of €1.7m to prize money levels to reach €68.6m ( 2.5%) in total, while maintaining 390 fixtures providing opportunities to horses at all levels. HRI has also announced the continuation of several other key industry supports and a contribution of over €1m to other key industry initiatives in 2023. Integrity and Integrity Services Integrity funding is set to increase to €15.9m ( 3%) as HRI continues to invest in all aspects of Integrity (IHRB, point-to-point, as well as racecourse operational integrity needs). This figure has increased from €15.4 m in 2022 and has grown from €12.6m in 2019, reflecting the significant strategic commitment HRI has made towards ensuring the highest levels of integrity within the Irish horse racing industry. Equine Welfare The 2023 Budget provides for investment in equine welfare activities and welfare related grant funding of €2.7m, the same level as 2022. The HRI Equine Welfare focus is on standards, traceability, safety nets and education. Equine Welfare principles and metrics have been identified in the booklet published in 2022 and these will be developed into a scorecard for verification. The E-Passport functionality will be expanded in 2023 to close traceability gaps. On-going support of Treo Eile and the Irish Horse Welfare Trust will help to promote the versatility of thoroughbreds for alternative careers. People: Industry Welfare, Education and Training Recruitment, Retention and Development of employees across all sectors is challenging in the current climate and racing is no different. The HRI Board has therefore approved increased investment in Industry Education & Training (from €0.6m to €0.8) to support all sectors of the industry in achieving sustainable and best practice employment. In 2023, this includes an additional €0.2m investment to activities operated by HRI’s industry and training division, equuip. This additional activity will include a human welfare framework for the industry to ensure that the correct supports and policies are available to retain our current workforce, along with the creation of an overall educational framework for industry. Breeders 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. Racecourses 21 racecourses will be 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. Point-to-Points There will be an increase to the funding for the Point-to-Point sector of €0.3m in 2023 with the total support, including Point-to-Point integrity, reaching €2.6m ( 14%). The increased grants per fixture introduced on a temporary basis for 2021 due to the impact of Covid-19 being maintained permanently and increased by a further €500 per fixture in recognition of the ongoing inflationary pressures being experienced by organisers. Ownership The 2023 Budget includes continued investment of €0.7m in Ownership development for targeted initiatives to increase the number of new owners and to retain existing owners. Owners are the biggest investors in Irish racing, and the continued pre-eminence of Irish racing depends on retaining our existing owners and recruiting new ones. All racing countries compete for this investment and HRI continues to focus on prize money and the ownership experience as the biggest drivers for ownership. Sustainability In terms of sustainability, the horse racing industry is uniquely positioned at the intersection of the agriculture, sports, leisure, and gambling sectors and as such has a significant role to play in fostering and promoting strong sustainability practices. HRI has set up a Sustainability Task Force which will outline key areas for future investment in promoting the green agenda as part of an overall Sustainability strategy for the industry. Suzanne Eade, Chief Executive of Horse Racing Ireland, said: “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. “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."
