Record £105M horserace levy from BGC

Record £105M horserace levy from BGC

Added:
Record £105M horserace levy from BGC

According to newly released data, members of the Betting and Gaming Council have contributed a record £105 million in levies to the Horserace Betting Levy Board last year.

The amount is an increase of five million pounds over the previous year, according to the independent Horserace Betting Levy Board. 

Levy contributions have gone up for the third year running, from £97 million in 2021/22, to £100 million in 2022/2023, and now £105 million in 2023/2024.

Michael Dugher, Betting and Gaming Council CEO and Acting Chair, said:

“This record contribution to the Levy is extremely welcome news and demonstrates once again the enduring, mission critical support regulated betting provides British horseracing.

Despite a double digit decline in horserace betting turnover over the past five years – and a double digit decline in racecourse attendances – this shows that levy contributions and prize money are both up, and it once again provides a timely reminder that racing could not survive without the record financial support that is flowing from betting.

Our members remain committed to the long-term success of horseracing, and the huge economic contribution it makes across the country, especially in rural communities. “Attention must now turn to how we challenge vested interests, introduce real change and reform the sport, ensuring we reverse the current decline and provide racing with a genuinely long term sustainable future.”

Reducing the detrimental effects of new gambling reform laws on horse racing, particularly with relation to the amount of money that bettors can afford to wager, has been the focus of the Betting and Gaming Council (BGC). The BGC issued new guidelines that betting companies are free to choose to abide by. These guidelines aim to enhance the way businesses follow up with their clients while refraining from requesting excessive amounts of private financial data.

The government and the Gambling Commission collaborated to design this new system, which is intended to serve as a stopgap measure until a more sophisticated method for assessing financial risks is developed. These new regulations lessen the need for invasive financial examinations of customers, but they are not a perfect solution. Because of this, the Gambling Commission and the BGC are also creating new regulations aimed at stopping money laundering, which often involve document checks. A new voluntary payment scheme to support horse racing is also being discussed by the BGC, the government, and the British Horseracing Authority.

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