Hold onto your hats, racing fans, because the Horserace Betting Levy Board (HBLB) is expecting a windfall! A record £105 million (€123m/$134m) in levy payments for 2023-24 is on the horizon, and the Betting and Gaming Council (BGC) couldn’t be more thrilled with its members’ dedication to the scheme.
A Record-Breaking Year
The BGC and HBLB are over the moon, announcing this £105 million contribution is a whopping £5 million more than the previous year. It’s the third consecutive year of increasing levy contributions, surpassing the £100 million paid in 2022-23 and £97 million in 2021-22. The extra funds mean the HBLB can boost prize money contributions by £3.2 million to an impressive £70.5 million.
Steady Trends and Financial Stability
Paul Darling, HBLB chairman, shared his excitement: “The trend we saw towards the end of 2022-23 has continued. Betting turnover is lower, and bookmakers’ profits are higher than recent norms. Based on reports and analysis from the HBLB executive, we anticipated this income. This financial outcome gives us additional comfort in our expenditure commitments for 2024 and more flexibility for 2025.”
BGC CEO Hails “Extremely Welcome” News
BGC CEO and acting chair Michael Dugher praised the members for their steadfast commitment. He hailed the record contribution as “extremely welcome news,” showcasing how regulated betting supports British horseracing.
“Despite a double-digit decline in horserace betting turnover over the past five years – and a similar decline in racecourse attendances – levy contributions and prize money are both up. This once again highlights that racing could not survive without the record financial support flowing from betting,” Dugher said.
“Our members are committed to the long-term success of horseracing and the economic benefits it brings, especially to rural communities. Now, we must focus on challenging vested interests, introducing real change, and reforming the sport to ensure a sustainable future.”
Industry Commitment to Horseracing
The BGC is working closely with the British Horseracing Authority and the government on a new voluntary levy to further support horseracing. Last month, the BGC raised £15,000 for good causes through its Grand National charity betting effort. Every year, MPs place charity bets on the Grand National, and operators hand over all winnings to the MPs’ chosen charities.
In other news, the BGC has introduced a new measure for operators in its voluntary code. This involves a risk assessment for customers wanting to make a net deposit of over £5,000 per month. The new Code on Customer Checks complements the Gambling Commission’s frictionless affordability checks, announced on 1 May, and will operate as an interim voluntary scheme until the financial risk assessments outlined in the white paper are developed and implemented.
“Developed with the Commission and backed by government, this code will bring consistency across the regulated sector for participating operators. This ensures a smooth transition until the full implementation of the frictionless financial risk assessments,” the BGC stated.
Where to Bet and Watch
Want to get in on the action? Here are some top places to bet and watch horseracing:
Bet on Horseracing
- Paddy Power: Known for its cheeky marketing and extensive betting options, Paddy Power offers a lively platform for horseracing enthusiasts.
- Betfair: Betfair’s betting exchange allows you to bet against other punters, offering potentially better odds and more exciting betting opportunities.
- Betfred: With a strong reputation, Betfred provides a comprehensive range of horseracing betting markets and attractive promotions.
Watch Horseracing
- ITV Racing: Catch live coverage of the UK’s biggest racing events on ITV, including the Grand National and Cheltenham Festival.
- Racing TV: A dedicated channel for horseracing, offering live coverage from 61 racecourses in the UK and Ireland.
- Sky Sports Racing: Provides extensive coverage of horseracing events, including international races.
Get Involved
Don’t miss out on the excitement of horseracing! Whether you’re placing a bet or watching live, the thrill of the race is just a click away. With increasing contributions and a strong commitment from the industry, horseracing is set for an exciting future. So saddle up and join the fun – may the odds be ever in your favor!
