Record Contribution of BGC Members to Horse Racing

The increase marked the third annual increase in tax contributions in a row. Contributions were £97 million in 2021/22, rising to £100 million in 2022/23 and now reaching £105 million in 2023/24. These figures are based on provisional year-end reports from most tax-paying bookmakers.

Financial support provided by HBLB has enabled prize money to increase in 2024 by £3.2 million, from £67.3 million in 2023 to £70.5 million in 2024. This growth helps support the horse racing industry during difficult times.

Michael Dagher, CEO and acting chairman of the BGC, expressed his delight at the record contribution, highlighting the importance of supporting regulated betting for British horse racing. “Despite a double-digit decline in horse racing betting turnover over the past five years and a double-digit decline in racetrack attendance, box office receipts and prize money continue to rise,” he said. "This further highlights that horse racing may not survive without this record financial support."

Amid the decline in the horse racing industry, the BGC has taken steps to mitigate the impact of government gambling reforms, particularly around accessibility checks. Earlier this month, the BGC introduced a new voluntary industry code of customer checks, developed in conjunction with the Gambling Commission and supported by the government. This interim code aims to standardize practices and reduce intrusive document requests until the new financial risk assessments are fully implemented.

Thus, despite the challenges facing the horse racing industry, the BGC and its members continue to provide critical financial support to promote sustainable development and adaptation to new conditions.