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Angel Hristov June 21, 2023 3 min read
BGC Members Agree to Donate Britannia Stakes Proceeds to Charity
The companies will hand over profits from win and each-way bets, after levy and duties are deducted
Britain’s Betting and Gaming Council (BGC) announced that charities will be the biggest winners at the Britannia Stakes race at Royal Ascot. According to the council, its members will donate all profits from tomorrow’s race to a selection of notable charity organizations.
In celebration of the King’s coronation, the biggest bookmakers in the UK will donate their proceeds to organizations such as SportAid, the Holocaust Educational Trust, Cystic Fibrosis Trust, SAS Regimental Association (SASRA), Ascot Racecourse Supports and Together for Looked After Children.
Many major operators, including Flutter, bet365, Entain, 888 William Hill, Kindred, Betway, Rank Group, Virgin Bet, LivescoreBet, Tote, Fitzdares and Bet with Ascot have committed to the initiative. Under the terms, companies will hand over profits from win and each-way bets, after levy and duties are deducted.
In the unlikely case operators fail to make a profit on the race, they agreed to collectively donate $318,000 (converted to USD) to the aforementioned charities.
The Charities Praised the Initiative
BGC’s chief executive officer, Michael Dugher, commented on the initiative, praising Royal Ascot as one of the best horseracing events in Britain. He said that he is delighted that BGC’s largest members will honor the King’s Coronation by donating their profits to “outstanding charities.”
It is also a fitting tribute to the Late Queen Elizabeth II, whose passion for horse racing was known throughout the world, having bred so many successful horses and clocking up 1,800 winners in her time.Michael Dugher, CEO, BGC
Ascot Racecourse’s CEO, Alastair Warwick, praised the bookmakers for the initiative, saying that it has been extremely well received since its first iteration in 2020.
Representatives of the recipient charities also commented on the matter, lauding the BGC members for their commitment to helping those in need. Their full statements can be read on the BGC’s official website.
British Betting Continues to Flourish
This is not the first time operators have agreed to donate their proceeds from the annual race to charity either. Last year, BGC members raised a staggering $1.5 million for good causes. The current event will mark the fourth time BGC members will share their profits with charities. The BGC, which was founded in 2019, has so far donated over $7 million to a variety of good causes.
Britain’s betting industry is flourishing, contributing millions in tax to the Treasury each year. The country’s retail shops support 42,000 jobs on the British high streets, while the overall regulated gambling industry supports 110,000 jobs.
British gambling and sports betting donate $5.35 billion in taxes and contribute $9 billion to the economy each year. These figures come from an average of 22.5 million monthly bettors.
In other news, the BGC recently agreed to work with social media platforms to make gaming safer.