The Cheltenham Festival, a highly anticipated horse racing event, is not only a source of excitement for racing enthusiasts but also a significant contributor to the local economy. According to the Betting and Gaming Council (BGC), the festival generates an impressive £274 million ($330 million) for the local economy, with approximately £1 billion in wagers placed over the four-day event. However, the BGC also highlights the challenges faced by the industry due to the lingering effects of the Covid-19 pandemic and the impact of geopolitical events such as Russia’s invasion of Ukraine. Michael Dugher, CEO of the BGC, emphasizes the importance of a pro-business approach, urging against new tax rises and calling for a balanced gambling White Paper that prioritizes the well-being of vulnerable individuals without hindering the overall customer experience.
Cheltenham Festival: A Boost to the Local Economy
The Cheltenham Festival, set to take place in the highlighted week, serves as a significant economic driver for the local community. The BGC reveals that the event contributes £274 million to the local economy, illustrating its substantial impact beyond the world of horse racing. This infusion of funds supports various sectors, including hospitality, tourism, and leisure. Additionally, the festival attracts a staggering £1 billion in wagers across its four-day duration, further highlighting the scale and significance of the event within the betting industry.
Industry Recovery Amidst Covid-19 Challenges
The BGC acknowledges the challenging road to recovery faced by the betting and gaming industry in the aftermath of the Covid-19 pandemic. The restrictions and closures imposed due to the global health crisis had a profound impact on the industry, bringing many operations to a standstill. As the industry seeks to regain its momentum, it faces the additional strain of geopolitical events, notably Russia’s invasion of Ukraine, which has ripple effects on the UK economy. These factors underscore the need for a supportive and conducive business environment to aid in the industry’s recovery and ensure the preservation of jobs and investment.
BGC’s CEO Calls for a Pro-Business Approach
Michael Dugher, CEO of the BGC, emphasizes the significant role played by the regulated industry in the UK economy. He expresses the industry’s desire to contribute even more but stresses the necessity of a pro-business budget and the avoidance of new tax rises. Dugher advocates for a balanced gambling White Paper that effectively safeguards vulnerable individuals without compromising the overall betting experience of the majority who engage in safe and responsible gambling practices. He highlights the diverse nature of the industry, encompassing British technological advancements, high street retail, and various sectors within hospitality, tourism, and leisure. Dugher urges government ministers to prioritize the protection of investment and jobs during these challenging times, stressing that excessive taxes and stringent regulations pose risks to businesses.
BGC’s Opposition to Further Regulation
The BGC’s opposition to additional regulation within the industry has been apparent through its repeated efforts to protect the interests of its members. Recently, the organization’s chairman, Brigid Simmonds, voiced her disapproval of calls for a Retail Exclusion Trust (RET) tax levy on gambling companies. This stance reflects the BGC’s commitment to advocating for a balanced approach that addresses concerns related to safer gambling while maintaining a thriving and sustainable industry.
The Cheltenham Festival’s economic impact on the local community serves as a testament to the significance of the event within the betting industry. However, the industry faces challenges stemming from the aftermath of the Covid-19 pandemic and the broader geopolitical landscape. The BGC, represented by CEO Michael Dugher, calls for a pro-business approach that fosters industry recovery, safeguards jobs and investments, and strikes a balance between protecting vulnerable individuals and preserving the positive customer experience. As the industry navigates these dynamics, the importance of maintaining a supportive business environment becomes paramount to ensure a robust and responsible gambling sector in the UK.