Horse Racing Ireland announce budget for 2025
Friday, December 20, 2024
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Horse Racing Ireland’s budget for 2025 was approved at its Board meeting on Monday December 16 with areas of investment reflective of the ambitions of the HRI Strategic Plan 2024–2028. Photo: Patrick McCann/Racing Post
Increase in prize money under both codes
Strong focus on strategic capital projects
Increased support for equine welfare and integrity
Continued investment in industry education and training
Continuation of funding for the IRE Incentive Scheme for breeders
Strong focus on strategic capital projects
Increased support for equine welfare and integrity
Continued investment in industry education and training
Continuation of funding for the IRE Incentive Scheme for breeders
Horse Racing Ireland’s budget for 2025 was approved at its Board meeting on Monday December 16 with areas of investment reflective of the ambitions of the HRI Strategic Plan 2024–2028.
The 2025 budget will see an increase in prize money levels and significant investment in key strategic areas within HRI’s capital allocation. Equine and people welfare are being prioritised through the planned redevelopment of the Irish Equine Centre in Kill and the People Campus at RACE in Kildare, while the spring of 2025 will see the start of the all-weather track project at Tipperary, subject to government approval. Sustainability initiatives and digital transformation are important areas which are also being resourced in line with the priorities identified in HRI’s Strategic Plan.
The 2025 budget sees a strategic focus by HRI on specific levels of prize money in certain areas which have been identified for immediate action, with 2025 representing the highest overall annual prize money totals.
The total prize money budget for 2025 is €70.9m, up €1m on the overall prize money that will be paid out in 2024.
On the Flat, Listed races will see an increased minimum from €37,500 to €45,000 (+20%), while Group 3 races will see a rise from €50,000 to €60,000 (+20%). This sees Listed and Group 3 races return to their pre-covid, 2019 minimum levels.
Similarly in National Hunt racing, Open Grade 3 races will enjoy a rise in the minimum from €27,500 to €37,500 (+36%) while Open Grade 2 races will increase from €35,000 to €45,000 (+29%). These levels exceed the pre-covid minimums for both grades.
Novice Grade 3 races will rise from €27,500 to €30,000 (+9%) while Novice Grade 2 races will see a rise from €35,000 to €37,500 (+7%).
Earlier this year new handicap bands were announced for both the Flat (beginning with the new season in March) and National Hunt (beginning on January 1, 2025), and these are designed to improve the opportunities available for horses at lower levels. These new handicap bands provide the opportunity to form clearer distinction between brackets as horses progress under both codes. Whilst initial increases have been applied for 2025 this will be an area of focus in the coming years also.
The 2025 budget provides for investment in equine welfare activities and welfare-related grant funding of €3.7m, an increase of €0.2m on budget 2024. HRI’s commitment to equine welfare includes financial support for key agencies in the life of our horses, and its Equine Safety Racecourse Capital Development Project will deliver major changes in 2025. The Irish Equine Centre campus redevelopment project will be supported by HRI, improving the health monitoring of our horses for the future, and HRI will extend its commitment to Treo Eile as it continues to grow the interest in second careers for our racehorses.
HRI continues to support investment in industry education and training, through its equuip department, with €1.1m allocated in 2025 to support all sectors of the industry, an increase of €0.4m on the figure budgeted for in 2024. Progress is being made on the advancement of the strategic change agenda in relation to the campus at RACE which is supported through the ongoing capital development programme. Areas of priority for 2025 include infrastructure in relation to people welfare, the expansion of continuous professional development for industry participants, industry specific training courses and targeted attraction initiatives to expand the reach of our industry to younger students.
Integrity funding is set to increase to €17.8m, an increase of €0.5m on budget 2024. This will provide for strong governance for the industry, ensuring the IHRB delivers an uncompromising approach to integrity, reflecting the significant strategic commitment HRI has made towards ensuring the highest levels of integrity within the Irish horse racing industry.
Funding for the Point-to-Point sector for 2025, covering the areas of integrity, prize money, grants and insurance support, is €2.7m. This is consistent with the figure allocated in budget 2024.
Sustainability
HRI continues to roll-out its Sustainability Strategy ‘Racing towards a better world’ across environmental, social and governance activities, driving sustainability best practices throughout HRI’s organisation and operations. HRI’s commitment to sustainability is underpinned by a series of decarbonising projects to be rolled out in 2025 and will continue to research cost-effective sustainable strategies for the wider industry.
Next year will see a continuation of funding for the IRE Incentive Scheme for breeders. The scheme is producing a significant multiplier effect in terms of investment at the sales and will provide for €1.3m in vouchers for qualifying winners that can be spent on Irish-bred horses at Irish sales in 2025.
HRI has assigned over €1m to digital strategy and IT transformation projects for 2025 and will see the implementation of the HRI and the IHRB combined Digital Strategy which aims to deliver modern digital platforms to drive simplified, integrated end-to-end business processes. The strategy will lead to a more robust and responsive IT environment with an aim to deliver increased value through digital technology.
Suzanne Eade, Chief Executive of Horse Racing Ireland, said:
“Resources have been allocated in budget 2025 to deliver against the three key goals as outlined in HRI’s strategic plan and its aim to protect, strengthen and sustain our global leading industry.
“In order to provide consistent and responsible care of our people, horses and our environment there has been targeted and enhanced expenditure across equuip, integrity, welfare, and sustainability in both activity and capital related costs. Inspiring and attracting future participation both nationally and internationally has been addressed through continued support of the IRE Incentive Scheme for breeders, marketing and communication campaigns targeting engagement, growing interest in our sport coupled with a further focus on attracting racegoers to Flat racing, as well as continued investment into technology.
“Our third goal is to nurture success at all levels throughout the industry. Budget 2025 has significant capital investment set aside for the first phase of our dedicated people campus which sees HRI and the Irish Injured Jockeys develop a high-performance unit and rehabilitation facilities to support the mental and physical wellbeing of industry participants.
“Further investment into our racecourse facilities including the Tipperary all-weather development is also priority for 2025. HRI have consulted with key stakeholders in determining both prize money strategy and funding the handicap band changes for 2025 including optimising the impact of racecourse contributions to prize money. These changes are seen as crucial to the attraction of inward investment into Irish racing, the widening of the ownership base, and the retention of both owners and horses.”
Resources have been allocated in budget 2025 to deliver against the three key goals as outlined in HRI’s strategic plan and its aim to protect, strengthen and sustain our global leading industry
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