Horse Racing Ireland has produced it’s timely six month review of the first half of the year showing an increase in Sponsorship, in Syndicate ownership and in Bloodstock sales, all of which bode well for the sport.
Attendance figures were down 3.8 per cent but this is explained by their being a greatly reduced capacity for the Dubai Duty Free Irish Derby at the Curragh through the redevelopment of the racecourse.
Syndicate numbers are viewed as an important source of business for racehorse trainers. These suffered significant losses when the economic crisis hit, but are up 14% in the first half of 2017 which is a very positive indication. The new Experience Campaign launched by Horse racing Ireland in recent weeks and which Sport for Business has been an active participant will lead to more groups forming in the second half of the year and further growth in this area.
Active owners are also up once again, with a 2.6% increase from the same period last year.
These figures, together with prize money increasing by 8.4%have given rise to increased demand for horses and a climb of 17.7% in bloodstock sales at public auction through the first half of this year.
“The growth in entries, runners and active owners is welcome,” said Horse Racing Ireland CEO Brian Kavanagh.
“We have invested significantly in broadening the ownership base in Ireland, providing marketing support for our trainers, as well as introducing further measures to reduce ownership costs.”
“Attendances at the major jumps festivals in the first six months of 2017 were very strong, highlighted by Punchestown’s Spring Festival attracting a record attendance of 122,557.”
“Overall Tote betting continued its trend of double digit growth in recent times. As well as rising turnover in traditional markets, particularly Britain, Irish pools have been boosted by growth in other international markets, most notably the US and Israel.”
Read More: Experiencing Racehorse Ownership
“At least 75% of race fixtures in Ireland in the first half of 2017 had a race worth a minimum of €20,000, confirming a commitment made by the board of Horse Racing Ireland in its annual budget.”
“As a consequence of the increases in prizemoney, we are seeing rising field sizes and more active owners, particularly syndicates. It is undeniable that prizemoney remains the crucial factor in attracting people into horse ownership.”
“Owners are the biggest contributors of funding to our industry and that means prizemoney and sponsorship are vital elements of a healthy racing economy.”
The report also noted that the Department of Finance Tax Strategy Group has initiated a formal review of Betting Duty in Ireland.
“Overall, it is encouraging to see that the increases in the Horse and Greyhound Racing Fund since 2014 are now having a positive impact on the ground,” added Kavanagh.
“Horse Racing Ireland believes that the Fund can be fully financed from Betting Duty and has made a submission to the Tax Strategy Group on this matter.”
“Brexit poses huge challenges for our business which is almost totally integrated with Britain. We are working jointly with our stakeholders and the Irish Government as well as our British and French colleagues to ensure that our mutual concerns are fully taken into account during the Brexit negotiations.
“It is wonderful to see the redevelopment commencing at the Curragh Racecourse, and we have seen some excellent racing there already this season. Everybody looks forward to the completion of the development when the Curragh’s facilities will be brought in line with the quality of the racetrack and the racing that takes place there.”
There have been two new senior appointments at Horse racing Ireland during the first half of the year as well with Jonathan Mullin and John Osborne both taking up new positions. Sport for Business understands that there will be one more major appointment in the next few weeks and that it will be somebody from within the wider sporting family.
___________________
Find out more about our next major event looking at the impact of Sport for Social Good in September 2017.
___________________
