HRI Boosts Irish Prize Money in 2023 Budget

Prize money levels in Irish racing are set to reach a record €68.6 million (US$72.8 million) in 2023 after Horse Racing Ireland announced an increase of €1.7m ($1.8m) to race funding in its annual budget—up from the previous highest figure of €66.1m ($70.1m) set for 2019.

Chief executive Suzanne Eade hailed such prize-money levels as a "key enabler in building and maintaining the number of quality horses in training in Ireland", with the financial boost representing an increase of 2.5% compared to the comparative figure for 2022.

Government funding for Irish racing rose by €2.4m ($2.5m) to €72.8m ($77.2m) for 2023, and HRI has moved to increase its investment in annual integrity services by 3% to €15.9m ($16.9m).

"The Irish horseracing 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," Eade said.

"Approximately 70% of horses competing receive some prize money so it is important we prioritize its growth and continued broad distribution among all the participants in order to sustain the significant rural jobs created by the industry. It is therefore very important that in 2023 HRI has been able to increase the total prize money that will be on offer to its highest level."

Eade added: "The bedrock of the sport is the integrity of our product and HRI continues to increase our investment, building on several years of significant recent annual increases, both directly and through the vital work of the Irish Horseracing Regulatory Body."

Investment levels in equine welfare for 2023 have been kept at €2.7m ($2.9m), while HRI's industry welfare, education and training sector gets an increase of €200,000 to €800,000 ($849,272).

The point-to-point sector receives a 14% boost to €2.6m ($2.76m) (up €300,000 compared to 2022). Increased grants per fixture, which were introduced on a temporary basis for 2021 due to the impact of the pandemic, are being maintained permanently and increased by a further €500 per meeting "in recognition of the ongoing inflationary pressures being experienced by organizers".

HRI will continue its funding of the IRE Incentive Scheme for breeders "to meet the ongoing challenges posed by Brexit". The scheme will provide for €1.3m ($1.38m) in vouchers that can be spent on Irish-bred horses at Irish sales next year—the same investment level as in 2022.

"There are many challenges and inflationary pressures facing the breeding and racing industries," Eade said. "But we can take great confidence in the strong performances of our breeders at the sales in 2022, boosted by the effectiveness of the IRE Incentive Scheme in driving reinvestment in our global leading Irish bloodstock, as well as the continued international successes achieved by our horses in both flat and National Hunt racing."

She added: "Next year will also be an important year for racecourses with the signing of a new media rights deal, which will underpin their financial security for the next five years.

"HRI will continue its investment in upgrading racecourse facilities with the short-term focus on improving industry infrastructure, while our marketing team will continue to support racecourses' promotional activities with campaigns to grow interest in our sport, drive fan engagement and increase raceday attendances."