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New BGC statistics reveal that Betting and Gaming Council (BGC) members contributed directly PS455m in British horseracing, last year, through levy, sponsorships, and media rights.
Bookmakers also spent PS125m in marketing to promote betting and racing through advertising and partnerships. This helped secure terrestrial coverage for the sport, support 2 racing channels, and raise revenue from print newspaper titles.
Media rights payments have increased around 45m PS since last year. This will total 340m PS in 2022.
According to the Horserace Betting Levy Board, the levy payment is expected to reach PS99m by 2022/2023, up from PS50m for the year 2016/2017.
The new figures are a far cry from the previous estimates of the direct contribution made by the regulated sector to horseracing. Those earlier estimates had put the figure at about PS350m per year.
The record investment will also allow horseracing to award prize money records of PS179.3m by 2022.
Michael Dugher said, “BGC members are paying more to British horseracing now than ever before. This is despite a 10,3 percent drop in betting turnover in racing over the last five year.
These huge sums come at a moment when the regulated gambling sector is under immense pressure, including recent measures announced in the White Paper of the Government.
Horseracing, like betting, is an important part of the British economy. It’s vital to many communities and supports tens thousands of jobs.
There has always been an symbiotic relation between racing and betting. We can only prosper and succeed in the future as two industries if we work together towards a common goal to grow the sport.
These figures prove that gambling continues to fund the sport, but it’s not a bottomless hole. I know that racing, like other sports and our own betting and gaming industries, are trying to rebound post-covid, despite the serious economic headwinds. This task is made more difficult for racing and gambling because the Government intentionally chose to make decisions in its White Paper.
“That’s why BGC is committed to working with the leaders of the sport including the BHA, and others to ensure that racing not only thrives, but also survives.” Anyone who is as passionate about racing as I am understands the need for change. Reform is necessary to attract future investment.
It is important to note that the funding for racing comes only from licensed bookmakers. Unregulated, unsafe gambling is a growing problem and has no impact on horseracing.
These figures are based on data provided by BGC’s biggest members. They account for approximately 85% of the GGY in horserace betting.
Horseracing, the UK’s second most popular sport, is second only to soccer. More than 5 million people attend around 1400 races annually at 59 racecourses.
