ANNUAL REPORT 2011 - Horse Racing Ireland

major contributor to the national economic recovery effort iscompromised by successive cutbacks to its budget, totalling26% since 2008. This is a direct consequence of low bettingduties and the movement of betting revenues online andoff-shore. Our prize money is at its lowest level for ten years,at a time when other major European racing countries areannouncing prize money increases.The Government’s recently announced plans to extend thebetting duty regime to remote betting and exchanges andto carry out a review of the industry, offer the prospect of asecure funding mechanism for racing and we look forward toseeing this come to fruition in 2012.The development of sales leads in new and emergingmarkets presents one of the best opportunities for growthfor the horse racing industry and for Ireland’s wider economy.We have established a foothold in China which is aiming tobecome a major player in the international racing scene andother emerging markets show considerable potential. Growthin overseas markets saw Irish-foaled horses exported to 35countries compared to 34 in 2010. Britain, however, remainsour top destination for exports by a distance and we retainan active sales presence on the ground there, and activelypromote Ireland at the Cheltenham Festivals and throughhosted visits to our own top race-meetings andracing centres.Our trainers have also chalked up successes and earnedwidespread acclaim around the globe. Irish-trained horseshad remarkable success in the UK and overseas, with a 53%increase in prize money won abroad from €8.52 million in2010 to €13 million. Irish trainers’ achievements are reflectedin the World Thoroughbred Rankings 2011, with six of the topten and fourteen of the top thirty two-year-olds in the worldIrish-trained.The high point of the year was undoubtedly the recordbreaking13 Irish-trained winners at the Cheltenham Festival,where there were also 15 Irish-bred and 22 Irish-riddenwinners. This success on the most important stage forIrish National Hunt racing was further enhanced with WillieMullins, Ruby Walsh and Gigginstown House Stud beingawarded the leading trainer, jockey and ownertitles respectively.We were happy to celebrate this and other successes atthe annual Irish Horse Racing Awards in the LeopardstownPavilion in December. Awards were presented to HurricaneFly, Willie Mullins, Nina Carberry, Joseph O’Brien and DerekO’Connor. Dermot Weld received a special ‘Contribution to theIndustry’ award.Brian KavanaghChief ExecutiveThe reputation of our horses and people precedes us acrossthe globe, franked by the only proof that counts - winningthe top prizes at home and internationally. Irish basedstallions have been champion sire in Great Britain and Irelandevery year since 2009. Ten of the last fifteen winners of theEpsom Derby and thirteen of the last fifteen winners of theCheltenham Gold Cup have been bred in Ireland.Horse Racing Ireland Annual Report 2011 7