Betting and Gaming Council Invests £455 Million in British Horseracing
(Originally posted on : Crypto News – iGaming.org )
Recent information from the Betting and Gaming Council (BGC) shows that in 2021, contributions from its members to British horseracing were an astonishing £455 million ($581 million). The BGC’s dedication to sponsoring one of Britain’s top sports is shown in this large investment, which takes the shape of sponsorship deals, levies, and broadcast rights.
Increased Financial Backing Despite Betting Turnover Decline
Michael Dugher, the chief executive officer of the BGC, emphasized that the organization’s members are giving the British horseracing business greater financial assistance than ever. This assistance comes at a time when the amount wagered on racing has decreased by 10.3% over the previous five years. The BGC is nevertheless committed to boosting the sport’s success and its significant contribution to the local economy and communities in spite of this decrease.
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Dugher emphasizes the mutually beneficial link between wagering and racing, emphasizing that cooperation and a common growth objective are essential for their combined success. As they try to increase the sport’s attractiveness as a product and ensure its future growth, both businesses rely on one another.
Licensed Bookmakers’ Contribution to Horseracing
Members of the BGC get all of their financing from authorized bookmakers who are committed to the continued success of horse racing. According to Dugher, the black market for illicit gambling poses a serious risk since it keeps expanding while making no contributions to the sports it exploits.
In addition to financial donations, bookmakers invested £125 million ($159 million) in marketing campaigns to publicize and work with organizations to promote racing and betting. Through racing channels and newspaper appearances, this marketing initiative boosts the terrestrial coverage of the sport even more.
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Media rights payments surpassed initial projections, totalling £340 million ($434 million), £45 million ($57 million) more than in 2022. According to information from the Horserace Betting Levy Board, levy payments are also anticipated to increase, reaching £99 million ($126 million) in 2022/2023 as opposed to £50 million ($63 million) in 2016/2017.
Horseracing’s Importance and Popularity
With more than five million spectators and over 1,400 matches distributed across 59 different racecourses annually, horseracing is the second most popular sport in the UK. Horseracing was able to deliver prize money of £179.3 million ($228.9 million) in 2022 because to the record investment.
The BGC has endorsed the White Paper’s measures while promoting restrained gaming. The Council noted a rise in the usage of risk-free gaming instruments in March, underscoring the industry’s dedication to player safety.
The BGC is committed to the development and prosperity of the sport, as seen by its considerable investment in British horseracing. The council’s constant support, financial donations, and marketing initiatives demonstrate its dedication to ensuring the future popularity and success of horseracing in the UK despite difficulties with betting turnover.