The Ontario government is increasing support to protect agriculture and rural jobs across Ontario by contributing additional funding of CA$35 million annually over 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% 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 more than CA$1.9 billion into the Ontario economy and provides approximately CA$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% of the additional funds going to support Ontario's breeding sector and racing participants.
"On behalf of the 10-member Ontario Racing board of directors that represents all sectors of the industry, I sincerely thank Premier Ford; the Honorable Stan Cho, minister of tourism, culture, and gaming; and our long-standing government partners at the Ontario Gaming and Lottery Corporation for supporting the agricultural jobs that are important to rural communities and the provincial economy," said Andrew Gaughan, independent chair for Ontario Racing.
"This funding will support generational family businesses—including thousands of horse people, breeders, and their staff that have invested personal capital. 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.
"I would also like to express my appreciation to the senior management team at Ontario Racing Management for assisting the board of directors throughout this process."
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 fifth amendment also contains key provisions that rework the funding framework to allow Woodbine Entertainment to continue operating Thoroughbred racing at Woodbine and Standardbred racing at Mohawk Park. Woodbine Entertainment also operates all industry wagering, which generates significant revenue 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.
This press release has been edited for content and style by BloodHorse Staff.
