Sports Betting News: Horse Racing Receives Major Funding Boost

Horse Racing Ireland (HRI) have given the sport a significant boost by injecting an additional €1 million into the prize money budget for next year.

The move will be welcomed by operators of horse racing betting sites as it should increase the competitiveness of Irish racing.

Read on as we look at this exciting development before assessing some of the other top news from the sports betting industry this week.

After receiving an increase in funding from the Irish government, HRI has decided to increase the minimum levels of prize-money in Graded/Group and Listed races on the Flat and over jumps.

Top trainer Ger Lyons and former jockey Davy Russell had led the calls for improved prize money in Ireland and the HRI has listened to their concerns.

The changes will make racing more attractive to owners, thus providing a boost to betting apps by making the sport more competitive.

Newbury racecourse's new chief executive officer Shaun Hinds has called for the government to show more respect to the long-standing link between racing and gambling.

Wagering turnover on racing has declined significantly over the past couple of years due to increased competition and the controversial introduction of affordability checks.

The latter has made the sport less appealing to punters on UK betting sites, and Hinds believes the government has a duty to protect the industry.

The ITV docuseries Champions: Full Gallop will return for a second series next year, handing a much-needed promotional boost to horse racing.

The first series, which spanned six episodes and covered the highs and lows of the 2023/24 jumps season, received widespread critical acclaim.

It was nominated for the sports documentary series of the year at the Broadcast Sports Awards and the producers are hoping the follow up is even more successful.