The on-course betting sector in Ireland continued to grow in 2019, with Horse Racing Ireland reporting a 6.6 percent increase in turnover or revenues. The betting ring had seen its turnover fall by 75 percent over the last 10 years, but the latest figures have shown a revival in on-course betting, with bookies handling €58.4m (US$64.4m).
“Horse racing generates a very significant return to the rural economy in Ireland and a positive international profile for our country,” said HRI Chief Executive Brian Kavanagh. “None of this success could be achieved without the support provided by the Government.”
While 2019 was a good year for Irish racing, the industry requires long-term certainty of funding to be able to plan strategically, especially with the challenges of Brexit, Kavanagh said in SBCNews.
“The increased revenue from the betting tax provides the basis for such a long-term funding mechanism and Horse Racing Ireland will engage actively with the incoming government in the coming month to achieve this objective.”
Commercial race sponsorship and contributions to prize money by racecourses continued to rise strongly, growing by another 17.3 percent in 2019, while attendance figures rose to over 1.3 million people showing a 4.5 percent year over year increase.
The most significant figure for 2019 was the fact that, following a series of changes in betting tax arrangements, off course betting duty receipts collected by the government amounted to €95m. These receipts, which have grown from €26m in 2014, surpassed the Exchequer funding provided for horse racing of €67.2m.
“Attendances in 2019 were strong and the popularity of racing as a spectator sport was backed up by a 3.2 percent increase. For the first time in a decade in 2019 Horse Racing Ireland returned with a television advertising campaign and that has been warmly received,” Kavanagh said.
Racecourses invested in upgrading facilities, becoming more modern and comfortable for race goers.
“Prize money grew by 4 percent in 2019 to €66.06m. There will be a further slight increase to €68m in 2020, but we want to do more,” Kavanagh said.
Commercial sponsorship and racecourse contributions to prize money continued in a strong upward trend. Increases in 2016, 2017 and 2018 have been followed by a significant rise last year with contributions up by 17.3 percent.
“It is clear also that people see the on-course bookmakers as a part of the atmosphere of a day at the races and enjoy the service and interaction that goes along with having a bet with them,” Kavanagh said.
