The Betting and Gaming Council (BGC) has disclosed impressive figures, revealing a direct contribution of £455 million ($582 million) to British horseracing in 2022 through various means, including levy payments, media rights, and sponsorship agreements. This substantial financial support plays a pivotal role in sustaining the vitality of the sport.
Levy Projections on the Rise:
Despite a reduction in betting turnover by 10.3% over the past five years, the Horserace Betting Levy Board expects levy payments to reach £99 million in the 2022/2023 period, a significant increase from £50 million recorded in 2016/2017. This upturn demonstrates a commitment to bolstering horseracing’s development.
Government’s Commitment to Review Levy:
The Department for Culture, Media and Sport has affirmed its intention to conduct a thorough review of the Horseracing Levy by the following year. This review aims to ensure that the levy remains effective in promoting the sport, enhancing breeding programs, and advancing veterinary care.
BGC’s Pledge to British Horseracing:
Despite economic challenges and a changing landscape, the BGC remains steadfast in its commitment to contribute meaningfully to British horseracing. The BGC recognizes the importance of this support, especially as discussions about potential future levy increases gain momentum, following the recommendations in the White Paper.
Michael Dugher’s Vision:
Michael Dugher, CEO of the BGC, emphasized that while betting continues to be a significant financial pillar for horseracing, it is not an endless source of funding. Acknowledging the sport’s efforts to rebound from the challenges posed by the COVID-19 pandemic and economic headwinds, Dugher reaffirmed the BGC’s dedication to collaborating with the sport’s leadership, including the British Horseracing Authority (BHA), to ensure the sport’s resilience and prosperity. Dugher emphasized that future investments must align with necessary reforms to ensure the sport’s vitality.
The BGC’s substantial contribution of £455 million to British horseracing in 2022 demonstrates its unwavering support for the sport. As discussions about potential levy increases continue, the BGC remains dedicated to fostering collaboration and implementing reforms to ensure horseracing’s enduring success and growth in the face of evolving challenges.