The Betting and Gaming Council (BGC) has raised concerns about further tax hikes on its members as new figures reveal that Britain’s horseracing betting levy hit a record high last year.
Figures published by the Horseracing Betting Levy Board (HBLB) show that BGC members are expected to contribute £108 million in levy payments for 2024/25, a record high and the fourth consecutive year that these payments have increased.
The increased contributions come despite a dip in betting turnover for the overall horse racing sector, with last year’s turnover per race decreasing 8 per cent on 2023/24, and down 15 per cent on 2022/23, according to the HBLB.
“For the fourth year running, levy contributions have increased to record levels, demonstrating the growing, long-term investment regulated betting provides British horseracing,” said BGC CEO Grainne Hurst. “But it is concerning to see once more that despite record levy contributions, racing continues to struggle, both as a sport and as a betting product, with betting turnover down again year on year.
“BGC members remain committed fans of racing and recognise better than most the huge economic impact it makes in communities across the country. It’s now more important than ever this vital contribution is not undermined by further new tax rises through the creation of a single tax for online betting, which risks driving punters away from the sport, or into the arms of the growing, unsafe gambling black market.
“These parasite operators don’t pay tax, don’t care about safer gambling, and do not contribute a penny to the levy. The BGC wants sustainable growth, for our members and for racing, but any new taxes would halt investment, hurt punters and harm racing,” Hurst added.
The UK Treasury recently opened a new tax consultation to change the current three-tier tax system to a new, single remote betting and gaming duty.