UK bookmakers set to contribute almost £300m to show horseracing
The cost of live streaming races to players is expected to rise by 5.6% to £285.3m, according to data from the Betting and Gaming Council
The Betting and Gaming Council (BGC) has reported that its members are expecting to pay nearly £30m more to stream horseracing meetings next year due to a rise in media rights costs.
The trade body’s five biggest members, Entain, Flutter, bet365, 888/William Hill and Betfred, supplied data to the BGC, with those figures being adjusted to include the other smaller operators that also pay media rights.
In 2022, BGC members paid £270.1m for the rights to stream the races across online platforms and in shops.
This figure is forecast to increase by 5.6% to £285.3m this year, with the BGC adding this amount could increase by a further 10.5% to £315.2m in 2024. This means that the increase between 2022 and 2024 is 16.7%.
The new data comes after the BGC revealed that its members contributed £384m to British horseracing in 2022 via the statutory levy, media rights and sponsorship deals.
When breaking that figure down, affiliates spent £125m on marketing to promote racing and betting through adverts and partnerships.
According to the British Horseracing Authority (BHA), the contribution from the BGC’s members to the betting levy is projected to be £99m in 2022-23.
On the announcement of the increased broadcasting costs, Michael Dugher, BGC CEO, said: “BGC members are already making a record contribution to horseracing, and these figures show that is only going to increase.
“This comes despite a reduction in betting turnover on racing in the last five years and a worrying decline in participation in horse race betting overall.
“I know racing is trying to modernise and reach out to new fans while also trying to bounce back from the pandemic and deal with some difficult economic headwinds, plus deal with the hit on its funding caused by the government.”
Dugher went on to say that the only way for horseracing and the betting industry to succeed is for the pair to work together.
He said: “The BGC and our members remain fully committed to working together with the leadership of the sport, including the BHA and others, to ensure a better future for racing.
“But the fact that we are making a record and growing contribution to the sport cannot be ignored,” he added.