SBC News Voice of the Sports Betting Industry
The Betting and Gaming Council (BGC) has reiterated its support to help maintain a sustainable and prosperous long-term future for British horseracing.
The BGC announced that the latest figures on direct payments to the Horserace Betting Levy Board (HBLB) are expected to generate £105 million in funding for the UK’s heritage sport.
This record figure, projected by the HBLB, marks the third consecutive year of increased racing Levy contributions from BGC members, rising from £97 million in 2021/22 to £100 million in 2022/2023, and now reaching £105 million in 2023/2024.
Due to this additional funding from bookmakers, the HBLB will increase its prize money contribution for 2024 by £3.2 million, from £67.3 million to £70.5 million.
Michael Dugher, Betting and Gaming Council CEO and Acting Chair, stated, “This record contribution to the Levy is extremely welcome news. It demonstrates the enduring, mission-critical support regulated betting provides to British horseracing.
“Our members are committed to the long-term success of horseracing and the significant economic contribution it makes across the country, particularly in rural communities.”
The increased levy funding comes at a precarious time for British horseracing, which faces numerous generational challenges.
Despite maintaining its position as the UK’s second-biggest spectator sport, with around 5 million visitors attending fixtures across 59 racecourses, the sport is threatened by a decline in betting volumes. In 2007, 17% of the population enjoyed horserace betting, but that number fell to 10% in 2018. Additionally, racecourse attendances have dropped by 14% since 2019.
Beyond the levy, the BGC reminds the government that betting and horseracing are interconnected sectors. Bookmakers have contributed £350 million to British racing through independent contributions, media rights, and sponsorships of fixtures, stables, and riders.
Dugher added, “Despite a double-digit decline in horserace betting turnover and racecourse attendances over the past five years, levy contributions and prize money are up. This provides a timely reminder that racing could not survive without the financial support from betting.”
In the coming months, attention will focus on the UK Gambling Commission’s pilot program on customer affordability checks, starting at a ‘light touch’ threshold of £150 spend per month.
The British Horseracing Authority (BHA) will monitor these developments closely, as it has warned the government of a potential £60 million annual negative impact if checks are too intrusive on customer spending.
The BGC and the Gambling Commission are developing a new Code on Anti-Money Laundering checks to reduce frictions. Additionally, the BGC will work with British racing stakeholders on a new funding structure for the levy, as requested by DCMS Gambling Minister Stuart Andrew.
Dugher concluded, “We must now challenge vested interests, introduce real change, and reform the sport to reverse the current decline and ensure a genuinely sustainable future for racing.”
