Members of the Betting and Gaming Council (BGC) directly contributed a record £455million to British horseracing last year, new figures have revealed.
New Betting and Gaming Council figures have revealed that members of the BGC directly contributed a record £455million to British horseracing last year in levy, media right and sponsorship deals.
An additional £125million was spent by bookmakers on marketing to promote the sport and betting through advertisements and partnerships. In turn, this helped secure terrestrial coverage of racing, as well as helping raise revenue for print newspaper titles.
The increase in investment allowed horse racing and its courses to offer a record £179.3million in prize money in 2022.
According to the Horserace Betting Levy Board, levy payments are also projected to rise to £99million in 2022/23, an increase of £49million from 2016/17.
Administered by the Horserace Betting Levy Board, the Horseracing Levy is in place to help enhance the sport, breeding and to develop and advance veterinary care within racing.
The BGC has committed to donating more than ever to British horseracing going forward despite a reduction in betting turnover in recent years, and they are keen to highlight its contribution due to rumours of potentially increasing future levies after recommendations from the White Paper.
Michael Dugher, who is BGC’s CEO had his say on the matter.
“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.”
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