BGC: bookmakers to contribute an additional £30m to horseracing in 2024

The Betting and Gaming Council says bookmakers will pay £315.2m to broadcast races next year.

UK.- The gambling industry lobby group, the Betting and Gaming Council (BGC), has said that the UK’s biggest bookmakers will pay an extra £30m for horseracing broadcast rights in 2024. It said that Entain, Flutter Entertainment, bet365, 888/William Hill and Betfred will together pay an estimated £315.2m, an increase of 10.5 per cent year-on-year.

This year the operators will pay £285.3m, already an increase of 5.6 per cent compared to 2022 (£270.1m). The BGC says its estimates are adjusted to account for payments made by smaller firms.

BGC CEO Michael Dugher said: “BGC members are already making a record contribution to horse racing and these figures show that is only going to increase. This comes despite a reduction in betting turnover on racing in the last five years and a worrying decline in participation in horse race betting overall. 

“Horse racing remains a hugely important, world-leading sport, enjoyed by millions of fans and like the betting industry it continues to support large numbers of jobs.

“I know racing is trying to modernise and reach out to new fans, while also trying to bounce back from the COVID pandemic and deal with some difficult economic headwinds, plus deal with the hit on its funding caused by the government. The betting industry is dealing with many of the same pressures on our revenues and costs.”

British horseracing: 2024 fixtures released amid concerns over affordability checks

The British horseracing sector has been highly critical of the Gambling Commission’s plans to introduce financial risk checks for online gambling. They say some bettors are already facing restrictions from operators. In turn, the regulator’s CEO Andrew Rhodes has criticised media for publishing “imbalanced stories” on the topic. The British Horseracing Authority (BHA), Racing TV, At The Races and the Racing Post are carrying out a survey of public opinion on the question.

Meanwhile, the BHA published its 2024 Fixture List, which features a number of changes. It will promote ‘170 Premier Racedays‘ in a bid to engage new audiences and will invest in higher prizes in a bid to guarantee the participation of the best horses and riders. The Horserace Betting Levy Board (HBLB) has pledged an extra £3.8m to fund Premier Raceday fixtures.

Premier Racedays will receive more promotion, broadcast coverage and fan engagement innovations developed by the BHA’s Commercial Committee. Each will feature a minimum number of higher-class races, together with other fixtures to provide opportunities for a range of horses. There will be guaranteed minimum prize money of at least £20,000 per flat race and £15,000 for jumps.

Dugher said: “I know racing is trying to modernise and reach out to new fans, while also trying to bounce back from the COVID pandemic and deal with some difficult economic headwinds, plus deal with the hit on its funding caused by the government. The betting industry is dealing with many of the same pressures on our revenues and costs.

“The BGC and our members remain fully committed to working together with the leadership of the sport, including the BHA and others, to ensure a better future for racing. But the fact that we are making a record and growing contribution to the sport cannot be ignored.”