The British gaming sector is significantly increasing its backing of UK horse racing. This year, Betting and Gaming Council (BGC) participants are projected to provide a historic £105 million (approximately $133 million) in levies to the Horserace Betting Levy Board (HBLB). This marks the third straight year of increased contributions, despite the sport itself encountering difficulties.
This considerable amount will be crucial for the HBLB, enabling them to enhance prize funds in 2024 by £3.2 million, reaching an aggregate of £70.5 million.
Michael Dugher, the BGC’s chief executive, highlighted the significance of this contribution, noting that it “shows once more the regulated betting and gaming sector’s ongoing and essential support for the sport.” He cautioned that horse racing would find it hard to endure without the substantial financial assistance provided by the betting sector.
With horse racing profits dwindling, UK betting companies, under the umbrella of the Betting and Gaming Council (BGC), are seeking to mitigate the impact of impending government rules. A key worry for them is the introduction of tougher “affordability checks” – essentially, demonstrating the financial capacity to support betting habits.
In anticipation, the BGC recently launched a fresh code of conduct for assessing customer finances. This interim measure, greenlit by the gambling watchdog, seeks to establish some benchmarks while a more exhaustive framework is crafted. The goal is to prevent overwhelming bookmakers with administrative burdens and bureaucracy before the definitive regulations are implemented.
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