Winners of British horseracing events will bag a total of £70.5 million in prize money in 2024 thanks to contributions by members of the Betting and Gaming Council (BGC). As revealed by the council and the Horserace Betting Levy Board (HBLB) this Tuesday, financial support sourced from BGC operators for 2023/2024 is projected to stand at £105 million, up by £5 million, compared to 2022/2023.
The news comes as talks surrounding the Government’s proposal to implement affordability checks continue to serve as a source of conflict between British horseracing, the betting industry, and advocates for gambling reform. The BGC has argued that enhanced checks are a crucial measure against gambling harm, but that they must be frictionless and not have a negative effect on bettors who are neither at risk of harm nor experiencing problem gambling.
The Figures Highlight How Much Betting Supports the Horseracing Industry
The topic of customer checks was once again focused on in Tuesday’s announcement, with BGC CEO Michael Dugher saying that the above funding figures are “extremely welcome news” that serves as a further showcase of the critical role the betting industry has when it comes to financing British horseracing.
“Racing could not survive without the record financial support that is flowing from betting,” he stressed, pointing out how prize money has increased despite the fact that both betting turnover and racecourse attendance have been going down in recent years. This downward trend is something that needs to be countered, according to Mr Dugher.
As part of its efforts to help British horseracing, the BGC has collaborated with the UKGC to create a voluntary industry Code on Customer Checks, a move announced at the beginning of May. As per this new code, clients trying to deposit over £25,000 in 12 months will result in the given BGC operator requesting documents that can prove they are not suffering from financial risk. Plans on amending the regulations surrounding Anti-Money Laundering checks are underway as well, according to the council.
The BGC Has Called for the Government to Move Forward With Casino Gaming Modernisation Efforts
With a few exceptions, the BGC’s views regarding a series of planned measures that are set to modernise retail casino gaming in Britain have been much more positive. Proposed by the Department for Culture, Media and Sport, the potential amendments to UK regulations concern updates such as cashless payments as well as new rules on where and how gaming machines can be operated. In addition, there are also plans to permit casino businesses to give their clients the opportunity to wager on sports.
Last week saw the BGC, Bacta, and Rank Group welcome the said measures as well as urge for their implementation to be swift. Mr Dugher issued a statement on the matter, placing a focus on the importance of casinos when it comes to employment and the UK economy as a whole. He further explained that numerous casino businesses have been forced to close in recent years as a result of the modernisation measures not being implemented sooner, which is why the BGC is strongly in favour of the proposals officially coming into effect as soon as possible.
- Author
Daniel Williams
