UK betting levy to deliver record funding to horseracing sector

The British Horserace Betting Levy is estimated to have generated £105m.

UK.- The Horserace Betting Levy Board (HBLB) estimates that funding for horseracing received via the direct levy on betting operators reached £105m for 2023/24. The figure would be an increase of £5m from 2022/2023 and would represent the third consecutive annual increase in funds.

Due to this additional funding, the HBLB will increase its prize money contribution from £67.3m in 2023 to £70.5m in 2024.

The Betting and Gaming Council (BGC) welcomed the news. CEO and acting chair Michael Dugher said: “This record contribution to the Levy is extremely welcome news. It demonstrates the enduring, mission-critical support regulated betting provides to British horseracing. Our members are committed to the long-term success of horseracing and the significant economic contribution it makes across the country, particularly in rural communities.”

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Horseracing remains the UK’s most popular spectator sport after football, with around 5 million people attending fixtures at 59 racecourses. However, a drop in attendance and betting volumes threatens the sport’s sustainability. The BGC noted that bookmakers have also contributed £350m to British racing through contributions, media rights and sponsorship.

Dugher said: “Despite a double-digit decline in horserace betting turnover and racecourse attendances over the past five years, levy contributions and prize money are up. This provides a timely reminder that racing could not survive without the financial support from betting.

“We must now challenge vested interests, introduce real change, and reform the sport to reverse the current decline and ensure a genuinely sustainable future for racing.”