Horse racing and breeding in Ireland is more than just a sport or a popular pastime. It is in fact an incredibly successful industry that has a positive impact on the country’s economy, aiding in its international success as well as contributing to local communities. Irish-bred and trained horses consistently win the big races both in Ireland and overseas, producing a vibrant industry with a large workforce.
With the large sum of funding that the horse racing and breeding industry receives from the Irish Government coming under scrutiny in recent years, it’s important to be able to see the value that this iconic sport feeds back into the country’s economy both on global and local scales.
In 2023, Deloitte conducted a study on behalf of Horse Racing Ireland that considered the social and economic impact of the horse racing and breeding industry throughout 2022. The last time they published a similar report was in 2017, allowing for the true impact that the horse racing and breeding industry has on the Irish economy to be assessed over time. The key takeaways from the 2023 report are:
- Horseracing pumped €2.46billion back into the Irish economy through direct and stimulated expenditure – this is up by 34% since the 2017 report
- 2million people attended race meetings in Ireland in 2022
- An estimated 30,350 jobs are related to the horse racing and breeding industry – this is a growth of 5% since the 2017 report
- Horse racing contributed to €538million in public bloodstock sales
The Value Of Betting and Bookmakers
When you think of horse racing, it’s likely that betting is one of the first associations you make. This is because it is such an integral part of the industry. Bookmakers provide a valuable contribution to the industry by offering betting opportunities to the public wishing to add an extra level of excitement, increase their engagement or further their involvement with the races. As bookmakers in Ireland are taxed by the Irish government, racing attracts great investment into the government coffers, and this according to Irish Bet also includes online bookmakers. Betting as a whole brings more to the table than just a financial boost, it is a tradition and part of the culture surrounding horse racing. Being able to take part in betting on the races increases the popularity and appeal of horse racing.
By offering these betting opportunities, bookmakers provide financial support to the industry as well as promotion of the sport that boosts attendees and therefore aids in horse racing’s impact on the economy. The role that betting plays in horse racing is crucial to the industry’s growth. In fact, without bookmakers being so heavily tied in with the horse racing and breeding industry, there would be a dramatic decrease in funding, heavily reducing the positive impact that horse racing has on the Irish economy due to it being such a crucial stream of revenue.
Contributing Towards Economical Growth
As you can see from the key facts and figures of Deloitte’s report, horse racing creates incredible revenues within Ireland’s economy, both on a large scale and for local communities. This continuously growing industry delivers to communities throughout Ireland by bringing in attraction, contributing to a continual stream of money being spent by those in attendance of races.
For those concerned about the funding that is given to the horse racing and breeding industry, Deloitte’s report shows that in 2022 for every €1 that the industry received in funding from the Irish Government, it contributed €35 back into the Irish economy. Therefore, the funding that the industry receives is very small in comparison to the revenue it generates.
The horse racing and breeding industry also gives back on a more personal level by creating over 30,000 jobs. This hard-working workforce consists of both those employed directly in the industry and those who are in subsidiary services, such as those who work within the betting sector. This means that there are over 30,000 people reliant on the horse racing and breeding industry for their primary income to some degree.
The Future Of Horseracing On The Irish Economy
The horse racing and breeding economy has grown exponentially in the six years between the two reports and it shows no signs of letting up. Remaining at the top of its game and holding considerable success against its international counterparts, the Irish horse racing industry is expected to continue to grow, contributing more to the Irish economy with each year.
The Irish Government continues to ensure that Ireland’s position within the horse racing and breeding international market is a strong one, providing support to the industry and producing a legislative structure that ensures the industry is centrally managed. They have put strategies in place that give international investors confidence to support Ireland. And with foreign investment in 2022 bringing in over €550m, international interest can only grow and boost the Irish economy further.
