The industry in Ireland itself makes the economy around a billion Euros every year. Let’s not forget of the financial strain that affect the Irish economy & elsewhere in 2008, with other sports and organizations in decline due to the financial crisis, it was our beloved sport of horse racing, and the breeding sector that helped to just about keep the Irish government up and running.
Every penny was worth gold dust to the government in Dublin, so the fact that the near one billion Euros made by the racing sector was massively important and underlined the Irish people’s love of the sport and how much they get behind it. With big meetings like the Punchestown Festival, Irish Derby & Champions Weekend, bringing in big sponsorship and racing fans from outside the emerald isle.
Companies like Dubai Duty free, a big chain of duty-free shops in airports around the world have sponsored the Irish Derby for the past number of years. And have also put their weight behind some other Irish sporting events, helping to raise publicity and entice people from abroad to come and visit.Of course the millions that studs like Coolmore and Kildangan for example make have played a big part in making money for the economy. With VAT applied it all adds up to a very healthy looking sum.
Betting also plays a big part in it with some racing enthusiasts looking to take a punt with large sums of cash. The rise of online betting has made it even more attractive to have a punt or two.
No other sport in this part of the world generates anywhere near that kind of money. So the local councils & governments should be very thankful to have it.
Written by Jamie Lindsay for 3 Furlongs Out.