BGC Members Contribute Record Levy to Support UK Horseracing
The Betting and Gaming Council (BGC) has announced its members have made a record contribution of £105 million to the Horserace Betting Levy Board (HBLB), the administrators of the horse racing industry in the United Kingdom (UK).
BGC contribute £105 Million to boost British Horseracing.
LISTEN TO THIS ARTICLE:This is the third consecutive year that the levy from BGC members has increased as they continue to provide support to the horseracing industry in the jurisdiction.
Horseracing in the UK was until recently one of the most popular sports in terms of spectators in the region. Over the past two decades, there has been a gradual decline in the number of spectators involved in watching horseracing, and the BGC boasts the funds from its members are aimed at sustaining the horseracing industry in the region.
Levy Vital to Support British Horseracing
The rise in levy given to the HBLB has led to a rise in prize money for the sport of horseracing, up £3.2 million to £70.5 million for 2024. Support towards the industry is vital as revenue from other sources has continued to dwindle over recent years.
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The British horseracing industry can be an integral part of rural areas in the country and the increase in levy will help the local economy of these areas.
The BGC says it is working very closely with the United Kingdom Gambling Commission (UKGC) and the government to make sweeping changes to the gaming market in the UK. This involves all areas of the gaming industry including modernization of the retail casino sector.
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.
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