The British Betting and Gaming Council (BGC) has announced that its members are expected to contribute a record £105 million in fees to the Horserace Betting Levy Board (HBLB) over the past year. This marks an increase of £5 million and represents the third consecutive year of payment increases.
In response to the increased funding for 2023-24, the HBLB has announced a boost in the prize fund by £3.2 million, raising it to £70.5 million. This compares to a prize fund contribution of £67.3 million in 2023.
Despite being the UK's second-largest spectator sport, horse racing has faced declining revenues since 2007. Betting participation dropped from 17% of the population in 2007 to just 10% in 2018. Moreover, racecourse attendance has fallen by 14% since 2019.
