Bad weather conditions paired with a shaky economic outlook has caused the Irish horse racing industry to contract for the first time in 15 years, according to Horse Racing Ireland.
A statement released on Monday outlines the decline showing that bloodstock sales plummeted 44 percent in 2008, on-course betting turnover dropped 18 percent and betting via bookmaker fell by 21.5 percent.
Attendance, which fell nine percent last year, could be attributed cancellations. According to The Irish Times, cancellations due to weather more than tripled during 2008 at 42 compared to 12 just the year before.
Brian Kavanagh, chief executive of Horse Racing Ireland, issued the following caveat to industry members in his statement on the shrinking industry.
“With a range of cutbacks already in place for 2009 due to the reduction in our government funding, owners, trainers, breeders and all of the 16,500 people who rely on the industry for their employment will need to brace themselves for the tough times that lie ahead,” he said.