Public funds used for €42m of horse racing prizes in 2021

More than €42m in public funds was paid out in prize money at horse races last year. Horse Racing Ireland projects that a similar amount will be paid out across 390 racing fixtures this year.

The owners of racehorses who win the prize money do not have to pay tax on income earned from prizes, however trainers and jockeys are subject to taxation. The organisation which governs the sport of horse racing said prize money stimulates investment and drives rural economic activity.

Horse Racing Ireland said prize funding "impacts the sale of Irish horses and the decision to keep horses in training in Ireland. "The activity of training thoroughbred racehorses is very labour intensive and, therefore, the greater the number of horses in training in Ireland, the greater the employment and economic impact." The amount of public money paid out in prizes increased by €7.8m last year compared to 2020, when racing was curtailed due to the Covid-19 pandemic.

The figures were supplied to People Before Profit TD Paul Murphy, who asked why so much money was allocated to a "lucrative, predominantly private industry, in a free-market economy which should be able to support itself". The horse-racing industry receives financial support from the State through the Horse and Greyhound Racing Fund, with €72.8m having been allocated to support Horse Racing in 2023, 80% of which can be applied to prize money.

Horse Racing Ireland said "prize money is the subject of competition internationally, particularly at the higher level where we're seeking to attract horses to compete here." "Flat racing is a global sport with the same horses competing in a series of top-level races around the world," the organisation added. The owners of racehorses get 72% of