Horse Racing Ireland says industry being hammered by rising insurance costs

The horse-racing industry warned it was being hammered by rising insurance costs along with Brexit and an end to the “seamless” movement of horses between Ireland and the U.K.

In a funding plea to the Department of Agriculture, Horse Racing Ireland (HRI) also called for an increase in betting tax saying the existing rate was one of the “lowest in the world”.

HRI also said it would need additional funding to deal with “integrity” costs amid ongoing controversy over doping in the sport.

In a letter to Agriculture Minister Charlie McConalogue in advance of last year’s budget, Horse Racing Ireland said prize money levels here had been deteriorating.

HRI said competitors within Europe now had prizes “significantly ahead of Ireland” with a knock-on effect on ownership levels here.

They said Brexit had caused “considerable logistical and financial issues” that had created extra costs, more paperwork, and much greater planning around bringing horses between Ireland and the UK.

HRI said it wanted to broaden its marketplace because of the “ongoing certainty” over the U.K.’s relationship with the EU and the rest of the world.

They also warned that insurance had become a major issue with challenges in getting policies in the first place.

The letter said: “Whilst HRI has stepped in to provide financial support in the short term, it is not sustainable to cover off this impact longer term.”

Horse Racing Ireland also said it had been hit with the same inflationary pressures as all other industries.

The impact of rising prices for fuel, feed, supplies as well as “significant wage pressures” could not be underestimated and needed to be factored into funding plans for the horse racing sector.

They also asked for between €500,000 and €1