Ontario earmarks additional $35 million for racing in province
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Ontario Racing has announced that the provincial government will contribute an additional $35 million annually in funding for the next five years to the Ontario horse racing industry.
The funding increase will be used to create a more competitive horse racing industry, protect jobs, and support the nearly 18,000 Ontarians who earn a living from the horse racing sector. The additional funds will also address inflation that has risen by approximately 25 percent since the province signed an important long-term funding agreement with the industry eight years ago.
Based on Ontario Lottery and Gaming Corporation numbers, the horse racing industry in Ontario annually injects over $1.9 billion into the Ontario economy and provides approximately $330 million in provincial taxes. Horse racing drives economic activity in dozens of communities across the province, particularly in rural areas where economic opportunities may be limited.
The funding increase from the government was accepted by a majority of Ontario Racing’s industry representative board of directors, with approximately 80 percent of the additional funds going to support Ontario’s breeding sector and racing participants.
“This funding will support generational family businesses, including thousands of horsepeople, breeders, and their staff that have invested personal capital,” said Andrew Gaughan, Ontario Racing's independent chair. “It will also support rural labor jobs that have increasingly been at risk. Additional funding will help these businesses, operators, and the spin-off rural industries tackle high inflation and allow the sector to better compete and retain its status as one of the world’s greatest horse racing jurisdictions."
The funding comes through the fifth amendment to the Amended and Restated Funding Agreement for Live Horse Racing, signed in 2018. The additional funds will position the Ontario horse racing sector to better invest in breeding, capital infrastructure, and purses.
The agreement also contains key provisions that rework the funding framework to allow Woodbine Entertainment Group to continue operating premier racetracks at Woodbine Racetrack and Woodbine Mohawk Park, which annually host the largest Canadian horse racing events. WEG additionally operates all wagering for the industry, which drives significant revenues to support purses, horse improvement programs, and other important industry associations and programs.
More details about how the funding will be allocated will be available after July 2.
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