In the year 2022, the UK’s wagering and gambling sector provided a massive £455 million (equivalent to $582 million) to the sport of horse racing. This considerable amount originated from diverse sources, encompassing taxation, broadcasting agreements, and financial backing arrangements. It’s important to mention, however, that the horse racing levy, a tax levied specifically on wagers placed on horse races, is projected to hit £99 million in the 2022/2023 period. To illustrate the magnitude, this figure stood at a mere £50 million back in 2016/2017, marking a substantial rise.
This particular levy, managed by the Horserace Betting Levy Board, plays a vital part in bolstering the sport itself, breeding initiatives, and enhancing the veterinary treatment provided to racehorses. Despite a 10.3% decline in betting revenue over the preceding five years, the wagering and gambling sector maintains its dedication to investing in British horse racing.
Currently, there are ongoing deliberations regarding a potential increase in the levy down the line, particularly with the recent publication of a gambling white paper proposing industry reforms. Michael Dugher, who heads the Betting and Gaming Council (BGC), stresses that while the industry firmly backs horse racing, it’s not an inexhaustible source of capital. He recognizes the hurdles faced by horse racing, especially given the impact of the pandemic and prevailing economic strains.
The UK Betting and Gaming Council’s (BGC) leader has committed their complete backing to the horse racing sector, especially the British Horseracing Authority (BHA), as they manage the requirement for crucial transformations. All those passionate about this sport recognize that modifications are imperative for its continued existence and upcoming expansion. These adjustments, nevertheless, must be paired with substantial funding to guarantee a prosperous future for horse racing.
