BRITISH RACING’S financial woes have deepened as new figures show a staggering £3BILLION decline in online betting turnover.
The statistics released by the Gambling Commission reveal a drastic drop of 25% in horse racing betting in the year to the end of March, from two years earlier.
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That’s led to calls for swift action to be taken by the Betting and Gaming Council and West Suffolk Conservation MP, Nick Timothy.
The damning stats come just a week after the Government rubber-stamped a statutory levy on gambling profits.
And with further restrictions on betting alongside the rapidly increasing costs such as National Insurance and wages, as well as decline in media rights and the new levy, it’s certainly worrying times for the industry.
In the published figures, it reports racing’s online turnover had dropped significantly to £8.37bn – down from £10bn two years previously.
But with inflation growing in that time period, had the turnover done likewise, that figure would’ve been closer to £11.5bn.
The 16.3% drop is not in line with other sports, with football’s betting turnover down 7% in that period and greyhound racing slightly more than that at 12.9%.
And it’s the disproportionate nature of the turnover decline that is concerning MP Timothy, and why he’s calling on immediate action on affordability checks and the newly introduced levy.
Timothy, whose constituency includes Newmarket, said: “These statistics show exactly why so many are worrying about the effects of disproportionate affordability checks on horseracing.
“I’ve raised this problem – along with the need to reform the levy – repeated since I was elected and while the words have been warm, ministers are yet to come forward with solutions.
“The decline in betting on horseracing shows how urgent this is.”
The BGC says immediate action for ‘targeted’ spending checks is required, as not to put blocks on punters not at risk.
They’ve pointed to the substantial investment its members have made in promoting racing and asked for the government’s cooperation to help it thrive.
A spokesperson added: “Urgent action is needed now to deliver genuinely frictionless, targeted spending checks, and a new anti-money laundering code, to prevent unnecessary intrusion on customers who are not at risk of harm.
“This drop in turnover has come despite significant investment in racing by our members of £350 million a year, including three consecutive years of increased levy contributions, plus media rights and sponsorship deals to promote the sport.
“Our members are racing fans, we want the sport to thrive, and look forward to working with the government and racing stakeholders to try to achieve that.”
Remember to gamble responsibly
A responsible gambler is someone who:
- Establishes time and monetary limits before playing
- Only gambles with money they can afford to lose
- Never chase their losses
- Doesn’t gamble if they’re upset, angry, or depressed
- Gamcare – www.gamcare.org.uk
- Gamble Aware – www.gambleaware.org
Find our detailed guide on responsible gambling practices here.
For help with a gambling problem, call the National Gambling Helpline on 0808 8020 133 or go to www.gamstop.co.uk