Financial experts Deloitte have reported that the Irish horse racing industry delivered a whopping €2.46 billion to the Irish economy in 2022.

The figure represents an increase of 34 percent compared to the last time similar research was conducted seven years ago.

The Horse Racing Ireland (HRI) commissioned report showed that 30,350 people are employed in the industry – a 5% increase compared to 2016.

Almost 4,000 are employed in breeding operations, while elements such as Irish horse racing betting companies and stable staff account for another healthy proportion.

Racing remains the second-best attended Irish sport behind Gaelic Athletic Association (GAA) events, with 1.24 million people visiting a racecourse last year.

While that figure is slightly down on the 1.31m people who attended in 2016, HRI chief executive Suzanne Eade believes the Deloitte report shows the industry is thriving.

“The figures demonstrate the significance of racing and breeding to the rural economy and is testament to decades of consistent government support,” Eade said.

“Behind the significant economic impact and our global reputation is a hugely skilled workforce, dedicated to the horses in their care.

“Our industry supports in excess of 30,000 FTEs, 9,400 of those in the core industry, making their living as a direct or indirect result from the racing and breeding industry.”

One of the key drivers for growth in the industry has been overseas investment, particularly from the breeding and bloodstock sector.

Of the estimated €125m of capital investment by breeders and bloodstock auction houses from 2016-2002, approximately 45 percent came from overseas investors.

Several racecourses also benefited from HRI funding, with the governing body pumping €57m into improvements in 20 racecourse nationally.

This included projects in Punchestown, Galway, Naas, Leopardstown and Roscommon, helping to make Ireland one of the most attractive horse racing destinations in the world.