Listen To Article
Members of the Betting and Gaming Council (BGC) are set to contribute a record £105m ($133m) in levy payments to the Horserace Betting Levy Board (HBLB) for the past year, according to new ps from the HBLB.
This marks a £5m increase from the previous year and the third consecutive annual rise in levy contributions, which have grown from £97m in 2021/22 to £100m in 2022/23 and now £105m in 2023/24.
The £105m total is based on provisional end-of-year submissions from most levy-paying bookmakers.
This financial support has enabled the HBLB to boost its prize money contributions for 2024 by £3.2m, increasing from £67.3m in 2023 to £70.5m in 2024.
BGC CEO and Acting Chair Michael Dugher commented: “This record contribution to the levy is extremely welcome news and demonstrates once again the enduring, mission-critical support regulated betting provides 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.”
Off the back of horseracing’s recent decline, the BGC has implemented measures to mitigate impacts from the Government’s gambling reforms, particularly around affordability checks.
Earlier this month, for example, the BGC introduced a new voluntary industry Code on Customer Checks, developed with the Gambling Commission and backed by the Government.
This interim scheme aims to standardise practices and reduce intrusive document requests until new financial risk assessments are fully developed and implemented.
