HORSE Racing Ireland has published details of its spending plans for 2024.

The semi-state body will receive €76.4 million in Government funding next year, an increase of 4.4% on this year's figure.

There are a record 395 fixtures scheduled for 2024 and the budget sees an increase of €1.3 million to prize money levels to reach €69.4 million (+2%).

Suzanne Eade, chief executive of HRI, said: “The value of the Irish racing and breeding industry was measured in 2023 and amounts to €2.5bn, an increase of over 30% since 2016, despite some challenging times in the intervening period. In framing the industry budget for 2024, Horse Racing Ireland wants to create the environment for that contribution to the economy to grow again.

“Deloitte’s research found that the industry fuels in excess of €500 million of foreign direct investment (FDI) every year and we know that prize money remains the most significant lever in attracting investment into Irish racing. This FDI contributes heavily to rural economies all over Ireland, and so in increasing the fixture list to 395 fixtures in 2024, we do so by increasing the prize money fund to €69.4 million and maintaining current race values.

“This budget for 2024 sees increases in the crucial areas of integrity and equine welfare; following the launch of HRI’s Sustainability Strategy, it provides for an initial sustainability scheme for racecourses; and it ringfences support for one of the greatest challenges our industry faces: the recruitment and retention of industry staff.

“The IRE Incentive Scheme for breeders will continue in 2024 in recognition of the difficult market conditions at many sales in 2023, and HRI has extended its support for the point-to-point sector to include insurance specific grants in 2024.

"It will also be an important year for racecourses, being the first year of the new media rights deal which will underpin their financial security for the next five years, against a backdrop of uncertainty with respect to gambling regulation.

Integrity funding

Integrity funding is set to increase to €17.3 million (+7%). While this covers funding for the Irish Horseracing Regulatory Board [IHRB], point-to-points and racecourse operations, it is understood that IHRB funding will not be increased, despite its request for an additional €1.2 million to fund increased anti-doping measures.

The regulatory body's finances are currently the subject of an independent review following discovery of "a serious financial matter" earlier this year.

The integrity budget also includes €800,000 in business-critical IT capital funding for the IHRB.

Equine welfare

The 2024 budget provides for investment in equine welfare activities and welfare related grant funding of €3.5 million, an increase of €800,000 on this year.

On-going support of Treo Eile and the Irish Horse Welfare Trust will help to promote the versatility of thoroughbreds for alternative careers.

Next year's activities also include phase two of the Equine Injury Risk Reduction (EIRR) project - actions to mitigate risk, continued monitoring and reporting including publication; the introduction of a Welfare Standards Assessment online learning course tailored for Irish industry participants; and delivery of an equine welfare conference in May 2024.

Education and training

In 2024, HRI will spend an additional €100,000 in a graduate recruitment programme to ultimately support succession planning across all parts of the industry. The 2024 budget has also ringfenced revenue and capital funding with respect to the ongoing project to create an overall education and training framework for the industry.

Breeders

Next year will also see a continuation of funding for the IRE Incentive Scheme for breeders to meet the challenges posed by difficult market conditions in 2023.

Racecourses

Next year will see payment of the final €1.4 million in relation to prior approved capital schemes, namely for stableyard expansions (€300,000) and racetrack and industry facility improvements (€1.1 million). It is anticipated that details of a new capital development scheme will be announced during 2024. Racecourses will also be required to contribute €2,000 towards the cost of staging eight-race cards.

Point-to-points

Funding for the point-to-point sector of €2.6 million, including point-to-point integrity, is consistent with Budget 2023. A new support of €100,000 specifically for insurance grants for point-to-point organisers is included within the budget and HRI will also lead an industry insurance taskforce in 2024 to co-ordinate an industry-wide response to ongoing insurance risks facing the industry.

Ownership

The 2024 budget includes continued investment of €700,000 in ownership development for targeted initiatives to increase the number of new owners and to retain existing owners. Administration charges to owners will increase in 2024. This is the first such increase in 10 years (charges remain below 2013 levels) and is necessary to support the increase in fixtures in 2024 which in turn are providing owners and their horses with a record number of opportunities.

The increase will vary between 10% and 25% and will see, for example, syndicate renewal fees rise €5 from €20 to €25, and syndicate registrations increase by €10.