Lowry welcomes €95-million funding for horse and greyhound industry

"Support from the State to the Horse and Greyhound industry is one of the most important financial outlays in the Budget. The money allocated to both industries is an investment", Deputy Michael Lowy said during a Dáil Motion on the Horse and Greyhound Fund Regulation 2023 on Wednesday.

"Budget 2024 allocated €95million to the Horse and Greyhound Fund for the coming year. Horse Racing Ireland is set to receive €76million of this, while the remaining €19-million will be put to good use by Greyhound Racing Ireland.

"The increased allocation for the year ahead has been welcomed across both organisations, particularly by Greyhound Racing Ireland. This funding will allow them to finalise their plans for the year ahead.

"This industry has had serious concerns due to falling attendance at the tracks resulting in a significant drop in revenue. With aggressive marketing and promotion attendance has been improving in recent times.

"Greyhound Racing Ireland is continually improving its image and their revenue intake. They need a continuation of Government funding over the next 5 years to implement their development projects.

"The Horse Racing industry remains strong and thriving across Tipperary and the country. It continues to build on the stellar reputation that Ireland holds across the world’ ahead’ Deputy Lowry said when addressing Minister Charlie McConalogue.

"Few people outside Horse Racing circles realise the benefits that this sport delivers to the economy. It is estimated that the Breeding and Horse Racing Industry across Ireland generates an average of €1.8 Billion in gross expenditure annually.

"This funds the more than 10,000 Irish jobs that are directly supported by this industry. Thousands more jobs allied to Horse Racing benefit through the services they provide. Top level equine vets, farriers, horse transport drivers, stable hands and grooms are among those employed by the industry.

"In addition, hundreds work at Race Meetings providing track maintenance, catering, betting facilities and a myriad of other tasks that must be carried out to ensure that everything, quite literally, runs smoothly.

"Ireland’s racing industry is one of our biggest and most consistent attractions for tourists. Our reputation as top racing destination sees race lovers flock to meetings, resulting in a massive boost in revenue for the transport, hospitality and retail industries.

"Ireland has a very impressive global horse breeding reputation. Ireland boasts everything that top breeders need, so demand to have horses bred here continues to grow. From our temperate climate to our calcium-rich soil, many of the most knowledgeable and experienced experts in horse reproduction travel to Ireland to breed their horses.

"All combined, Ireland’s equine industry provides an annual revenue input exceeding €900m to the Irish economy. The level of investment in Horse Racing from the Government pales in comparison to the money it returns year on year.

"Moves to reduce financial support to Horse and Greyhound Racing would be unwise and counterproductive to our economy. Thankfully successive Governments appreciate this and have consistently given financial backing to one of our country’s greatest assets and I welcome the allocation for the year ahead".