The Irish thoroughbred breeding and racing industry was worth €2.46 billion to the economy last year, according to Horse Racing Ireland (HRI), the commercial semi-state company responsible for governance and development of horse racing here.
The industry supported more than 30,000 direct and indirect jobs, catered for 1.2 million racing attendees and had €538m worth of bloodstock sales by Irish vendors last year.
The figures are contained in an analysis of the industry by Deloitte, commissioned by HRI and titled The Social and Economic Impact of Irish Thoroughbred Breeding and Racing.
Of the €2.46 billion spend, roughly half was generated directly by the industry, through breeders, owners, race courses and direct employment of trainers, stable staff, jockeys, racecourse staff and racing administrators.
The other half was generated in activities surrounding the industry, including employment of vets, farriers, betting staff, tourism, hospitality and other spin-offs.
In 2022, the Government gave €70 million in direct funding to the industry via the Horse and Greyhound Fund.
The report notes that for every €1 of Government funding last year, the industry contributed €35 to the economy.
Chief Executive of Horse Racing Ireland Suzanne Eade said "funding is vital" to support the sector.
"We are in a very competitive environment here in the racing and breeding industry. The stimulus that we receive from the funding from the Government is essential.
"We could have a racing and breeding industry, but we certainly would be not operating at the global strength that we currently have."
Speaking on RTÉ's News at One, Ms Eade said owners are coming to Ireland for a variety of reasons.
"Owners can choose to be in other countries but they are coming to Ireland because a super welcome, a fantastic workforce here of people who are really skilled with vital experience and the experience as well they receive of being in Ireland is what keeps them here. Prize money is very important, its very important when we’re competing with countries like France, Japan, the USA, Australia – all of whom have resources far in excess of what Ireland has."
People Before Profit TD Paul Murphy said public money should no longer be invested into horse racing in Ireland.
"If the racing industry is as successful as they claim it to be, then I don't understand why they are reliant on public money," he said.
"The vast majority of the €70m given by taxpayers to the horse racing industry on an annual basis ends up as prize money.
"That prize money is won by some of the richest people in the country, multimillionaires and billionaires and they win it tax free.
"So, it's a transfer of money from the public to the richest people in the country when we are in a cost-of-living crisis."
