Horse Racing Ireland has produced a very positive review of 2013 with increases in key metrics on and off the track.
The highlight is the third consecutive year of double digit growth in bloodstock sales in Ireland with a figure of €133.4 million up 43% on 2012 and now double what it was in 2009.
This is based on an overall rise in quality as well as a return to confidence in the marketplace. The total global value in terms of Irish bred horse sold here or at public auction globally was up 17% to a figure of €205 million.
“Irish bred horses are popular because they are proven,” said Horse Racing Ireland Chief Executive Brian Kavanagh. “14 of the 27 winners at Cheltenham were Irish trained, as were nine of the ten winners of Classic races in England and Ireland, and a record equalling eight at Royal Ascot.”
“We exported horses of this quality to no fewer than 37 countries in 2013 and this has a major impact especially to the rural economy in Ireland where the industry sustains jobs and communities.”
The move towards digital betting continued in evidence with on course bookmaker turnover on Irish racing declining by another 7% to a little over €70 million though the Irish Tote, a subsidiary of Horse Racing Ireland bucked the trend with a 2.2% increase at the track and a rise of 6.5% overall to a figure of €55.6 million.
Racecourse attendances were up by 4%, an indicator of greater confidence in consumer spending and while racegoers may be spending less, they are coming in greater numbers. The continued promotion of children attending race meetings for free is a major boost for families looking for a good value day out.
“The return to growth in racecourse attendances is very encouraging,” added Kavanagh, “and is a tribute to the racecourses who have worked hard to retain their customers in difficult times. Throughout the recession they have innovated to hold on to the loyalty of racegoers and HRI will continue to support them in those efforts.’’
“There are many positives in the 2013 figures but we remain acutely aware of the underlying threats to the future of the industry. With overall funding cuts of almost 30% since 2008, we are constrained in our ability to capitalise on the potential for growth in domestic and international markets.”
“Competing racing nations are better resourced and challenging our position. Bloodstock is highly mobile and if we are to attract foreign owners to breed, train and race in Ireland, we must have a racing infrastructure that will stand up to international comparison. Thankfully, the new betting legislation, set to progress early in 2014, represents the first step to a sustainable funding system, which will ensure that racing continues to produce an economic return to the country and that we can re-build employment levels in an industry in which Ireland has great national advantages.’’
Lesson for Sport: The rise in attendance shows that people will attend events where the proposition of a good day out and good value for money is put to them.
Lesson for Business: Horse racing holds a traditional strong place in the hearts and minds of Irish sporting fans. An association with it works well in terms of establishing or confirming Irish identity with a loyal customer base. Total attendance at Irish race meetings in 2013 was 1.24 million, 40% ahead of the number who saw matches live in the All Ireland Series.
