BGC Announces Record Contribution to British Horseracing in 2022

Members of the Betting and Gaming Council (BGC) have poured £455 million ($581 million) into British horseracing in 2021, in the form of sponsorship agreements, levies, and media rights, according to fresh data from the council. 

BGC Members Now Paying More “Than Ever Before” 

According to the BGC’s chief executive officer, Michael Dugher, members of the council are currently showing more financial support than ever before towards British horseracing. This is in spite of the 10.3% drop in betting turnover on racing recorded over the past five years.

Dugher acknowledged horseracing as a leading British sport with millions of fans worldwide as well as a “vital pillar of the economy” with importance to a large number of communities and the tens of thousands of jobs that it currently supports.

Going further, the CEO spoke about the ongoing “symbiotic relationship between betting and racing,” explaining that the duo’s success and future prosperity can only come by working together towards a shared growth goal aimed at the sport “as a product.”

Dugher also explained that the funding from BGC members only originates from licensed bookmakers interested in making sure that racing not only survives but also thrives, mentioning that the unsafe black gambling market continues to grow as a threat while not making any contributions to horseracing.

Bookmakers Spent £125M ($159M) on Marketing to Promote Racing and Betting 

Bookmakers also spent £125 million ($159 million) on marketing aimed at promoting racing and betting via partnership deals and advertisements, further supporting the terrestrial coverage of the popular sport via two different racing channels and newspaper appearances.

Media rights payments surpassed prior estimates, going up by close to £45 million ($57 million) compared to 2022 when the total reached £340 million ($434 million).

Levy payments are expected to reach £99 million ($126 million) for 2022/2023, signaling a raise from £50 million ($63 million) recorded in the year 2016/2017, according to data from the Horserace Betting Levy Board.

The record 2022 investment allowed horseracing to use some of the revenues to reach a new record in relation to the delivered prize money, a figure that totaled £179.3 million ($228.9 million).

Second to soccer, horseracing is the second most popular sport in the UK. Each year, it gathers over five million people attending approximately 1,400 fixtures spread across 59 different racecourses.

In mid-July, the BGC expressed its support for the White Paper reforms revealed in April while advocating for responsible gambling. In March, the Council reported an increase in the use of safer gambling tools.