Horseracing industry worth €330m to economy

A report on the economic value of Horse Racing and Bloodstock Breeding has found that the thoroughbred breeding industry contributes €330m to the Irish economy per annum.

The report by Indecon consultants was commissioned to assess the economic value of Irish horseracing and thoroughbred breeding industry.

The industry pays tax worth €37.5m and benefits from a tax incentive on stallion stud fees estimated to be worth approximately €3m per annum.

It points out that Ireland is now Europe’s largest producer of thoroughbreds, accounting for 42% of total output and is the third largest producer world-wide, behind only the USA and Australia.

The Horse Racing industry stages over 300 race-meetings a year, generating consumer expenditure of over €110m and in excess of €23m in gate receipts.

Additionally, in 2003 on-course betting turnover reached €227m.

The Indecon report found racing, breeding and associated industries employ a minimum of 16,500 people.

Denis Brosnan, chairman of Horse Racing Ireland, announced the report has today been presented to Government.

He said the report “will provide the basis for future debate and decision-making on an industry where Ireland is a true world leader”.