Horse racing benefits from record £450million investment from Betting & Gaming Council members
BRITISH horse racing benefitted from a staggering £455million contribution from the Betting and Gaming Council last year, new figures released show.
The sum – a record amount from members – was a result of media rights, levy and sponsorship deals for the sport in 2022.
Media rights themselves were up to an astonishing £340million in 2022, which was an increase of around £45million from the previous year.
While levy payments were short of £50million in 2016/17 and are estimated to be around £99million for 2022/23.
The Horseracing Levy, which is administered by the Horserace Betting Levy Board, goes towards improving the sport, breeding and boosting veterinary care.
The sport also benefitted from a further £125million in marketing from bookmakers, done so through advertising and promotions to promote horse racing.
This figure also ensured it gained terrestrial coverage, while also supporting its two racing channels and raise further revenue for print newspaper titles.
The increase in investment allowed horse racing and its courses to offer record prize money in 2022 of £179.3million.
This £455million investment far exceeds the estimated £350million a year expected in investment.
Michael Dugher, CEO of the BGC, said: “BGC members in the regulated betting industry are now paying more towards British horseracing than ever before, despite a 10.3 per cent reduction in betting turnover on racing in the last five years.
“These huge sums also come at a time when the regulated betting sector is under enormous pressure, not least in the form of recent measures unveiled in the Government’s White Paper.
“As well as being a world-leading great British sport, enjoyed by millions, just like the betting industry, horseracing is a vital pillar of the economy, important to countless communities across the country and supporting tens of thousands of jobs.
“There has always been a symbiotic relationship between betting and racing. Our two industries can only succeed and prosper in the future if we work in unison towards a shared goal of growing the sport as a product – especially in the face of a recent decline in betting on racing.
“These figures show that betting continues to bankroll the sport but it is not a bottomless pit. I know racing, just like any other sport and indeed our own land-based betting and gaming industry, is trying to bounce back post-covid in the face of seriously challenging economic headwinds – a task made even harder for racing and betting because of the decisions the Government deliberately chose to make in its recent White Paper.
“That is why BGC is fully committed to working together with the leadership of the sport, including the BHA and others, to ensure racing not only survives but thrives. Anyone who cares passionately about the sport, as I do, understands that racing must change. Future investment must come with reform.
“It is also important to note this funding to racing only comes from licensed bookmakers. The unsafe, unregulated gambling black market is a growing threat, and it makes no contribution whatsoever to horseracing.”
The Department for Culture, Media and Sport has committed to reviewing the Horseracing Levy by next year.
The wider regulated betting and gaming industry contributes £7.1bn to the economy, generates £4.2bn in tax and supports 110,000 jobs.
Betting operators are working closely with the British Horseracing Authority and racing stakeholders on much needed reforms to the fixture list and race programme which should increase commercial returns from the levy and media rights.
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- Establishes time and monetary limits before playing
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- Gamcare – www.gamcare.org.uk
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