HORSE Racing Ireland (HRI) announced its 2023 budget plan after it was approved at its board meeting on Monday.
One of the most notable outcomes of the meeting was the 2.5% rise in prize money, bringing it to €68.6m, the highest annual prize money figure set by HRI to date.
The next highest prize money budget goes back to pre-Covid times when €66.1m was on offer in 2019.
HRI also announced it will be contributing over €1m in 2023 to key industry initiatives.
Integrity and Integrity Services
Integrity funding will increase to €15.9m, a 3% increase, and will be invested in all aspects of integrity (IHRB, point-to-point and racecourse operational integrity needs).
Equine Welfare
The 2023 budget provides for investment in equine welfare activities and there will be 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. The E-Passport functionality will be expanded in 2023 to close traceability gaps.
HRI will continue to support Treo Eile and the Irish Horse Welfare Trust in order to promote the versatility of thoroughbreds for alternative careers post racing.
People: Industry Welfare, Education and Training
The HRI Board is increasing it's investment in Industry Education & Training by €200,000 as an attempt to combat recruitment and retention issues, whilst providing employees across all sectors with more scope and opportunity for career development.
HRI's industry and training division, equuip, will also receive a share of the added €0.2m and will work in creating a human welfare framework and educational framework to meet industry needs.
Next year will also see the introduction of a new graduate recruit programme.
Breeders
There will be 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
HRI will provide grants to 21 racecourses for industry-focused projects, aiming to improve racecourse infrastructure and standards such as stable yards (capacity and facilities), weigh rooms and the racetracks themselves, including the upgrading of watering systems.
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 (an increase of 14%). This is the highest level of funding that has been given to this sector to date.
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.
HRI will continue to compete globally, giving owners the best possible experience and to drive ownership numbers in Ireland forward in 2023.
Sustainability
The horse racing industry is uniquely positioned at the intersection of the agriculture, sports, leisure, and gambling sectors. It has a significant role to play in fostering and promoting strong sustainability practices and as a result HRI has set up a Sustainability Task Force.
The task force will focus on outlining 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.
“Prize money is a key enabler in building and maintaining the number of quality horses in training in Ireland. It's important that we prioritise its growth and continued broad distribution in order to sustain the significant rural jobs created by the industry."