This contribution, both the BGC and HBLB say, will be £5m more than the previous financial year. It will also be the third consecutive year levy contributions have increased. This total is set to surpass the £100m paid in 2022-23 and £97m in 2021-22.
The additional funding means the HBLB has been able to increase prize money contributions by £3.2m to £70.5m.
“The trend that was seen towards the end of 2022-23 has continued,,” HBLB chairman Paul Darling said. “Betting turnover is lower and bookmakers’ profits higher than recent norms. In the light of reports and analysis from the HBLB executive during the year, the board had been anticipating income of around the total that is expected.
“The effect of this financial outturn gives the board additional comfort in its expenditure commitments already made for 2024 and further flexibility when it comes to considering options for 2025.”
BGC CEO hails “extremely welcome” news
BGC CEO and acting chair Michael Dugher praised members for their commitment in 2023-24. He said the record contribution is “extremely welcome news” and demonstrates how regulated betting supports British horseracing.
“Despite a double-digit decline in horserace betting turnover over the past five years – and a double-digit decline in racecourse attendances – this shows that levy contributions and prize money are both up and it once again provides a timely reminder that racing could not survive without the record financial support that is flowing from betting,” Dugher said.
“Our members remain committed to the long-term success of horseracing and the huge economic contribution it makes across the country, especially in rural communities.
“Attention must now turn to how we challenge vested interests, introduce real change and reform the sport, ensuring we reverse the current decline and provide racing with a genuinely long-term sustainable future.”
Industry commitment to horseracing
On this, the BGC is working with the British Horseracing Authority and the government to resolve a settlement on a new voluntary levy to support horseracing.
In addition, the BGC last month raised £15,000 for good causes as part of its Grand National charity betting effort.
Each year, the BGC invites members of parliament (MPs) to place charity bets on the Grand National showpiece horseracing event. Operators hand over all winnings from these wagers to each MP’s charity of choice.
Other news from the BGC includes a new measure for operators taking part in its voluntary code. This relates to a risk assessment on customers wanting to make a net deposit of over £5,000 per month.
The new Code on Customer Checks will sit alongside the Gambling Commission’s frictionless affordability checks. The official pilot scheme for such checks was announced on 1 May. This is alongside a timeline of implementation for the other proposals included in the first round of Gambling Act review white paper consultations.
“Developed with the Commission and backed by government, this code will operate as a voluntary interim scheme,” the BGC said.
“It brings consistency across the regulated sector for operators who adopt it. This is until the frictionless financial risk assessments set out in the white paper can be developed, tested and implemented.”
Original article: https://igamingbusiness.com/sports-betting/horse-racing/horseracing-betting-levy-board-expects-record-contributions/
