The Arena Racing Company (ARC) has announced that prize money across its 15 strong racecourse portfolio is to exceed £35m this year.
Stating a “central role” that has been played in “helping ensure there are record levels of prize money in British Racing,” ARC also stresses that it has significantly increased its investment in prize money through its executive contribution, which has grown from £15m last year to £17.5m this time around.
As well as this rise, ARC has also detailed work with other stakeholders within the sport, in addition to the government, to extend the levy to remote betting, by being the first to commit to the Authorised Betting Partner initiative, which “is set to see a levy yield increase by £20 to £30 million a year”.
Martin Cruddace, ARC Chief Executive, said: “ARC is pleased with 2018 prize money levels. In line with the industry approach the significant increases in prize money is at the grassroots level and we look forward to measuring the impact this has on field sizes and ownership in the months and years ahead.
“We are putting significant energy and investment into our media rights models which we believe offers British Racing the opportunity to safeguard and increase the value of its product, while growing betting on the sport in partnership with betting operators around the world.”
ARC also details the continuing expansion and growth of its media right model through the The Racing Partnership, giving rights holders the opportunity to work together on both sale and delivery, through the utilisation of “technological advancements”.
Adding in its statement: “This means rights holders, such as racecourses, no longer need to give away value to third parties, and deals struck by The Racing Partnership with the horseracing and greyhound industries in the UK, US, Australia and South Africa demonstrate the viability and strength of this proposition.”