The British Horseracing Authority (BHA) has released their annual report for 2024… and the findings are stark both for the sport and the UK gambling industry as a whole.
The total betting turnover for horse racing was down by 6.8% last year compared to 2023… and a full 16.5% when compared to 2022.
There was something of a brighter note in the final third of 2024, with the rate of decline in total betting turnover falling by just 0.1% in August compared to the same period a year earlier.
However, even that comes with a caveat that there were more races run between January-August 2024 than there was in the year prior.
Although the BHA admits that ‘several factors’ were to blame for the decline, they reiterate their belief that bookmaker affordability checks have pushed some punters to the black market already… explaining the downturn in revenue.
Trial and Error
One of the biggest red flags emanating from the BHA’s data is just how badly the big festivals struggled in 2024.
The average betting turnover for the meetings classified by the BHA as ‘major festivals’, such as Cheltenham, Aintree and Royal Ascot, fell by a whopping 12.4%.
According to the authority, this was largely due to ‘competitiveness issues’, with some of the most prestigious events clashing with EURO 2024, as well as the abandonment of the Cross Country Chase at Cheltenham and the change of start time for the Grand National.
The report also reflects upon fewer promotions being offered by the bookmakers for the festivals, while the overall trends – ticket sales fell at Cheltenham by a staggering 51,000, compared to 2022 figures – are indicative of a cut in the general public’s leisure spending.
Elsewhere, Premier racedays proved somewhat more popular with punters, albeit with a decline in total betting turnover of 3.4% (Monday-Friday and Sunday meetings) and 3.8% for Saturday cards.
When averaged out across all race types, the median level of turnover per race showed a fall of just over 4%.
Richard Wayman, the director of racing at the BHA, was clear on where the finger of blame should be pointed.
“There are several factors impacting that decline, many of which have nothing to do with the fixture list trial.
“I’ve no doubt that these are headed by the impact of affordability checks and the extent to which they have resulted in people either stopping betting or placing their bets with unlicensed operators, where such checks don’t take place.
“There are some green shoots, however, not least the levelling out of betting turnover in the final few months of last year but, clearly, there is much to think about as plans for 2026 are developed.”
Tough Times
Some of the patterns in the decline of betting turnover are reflected in other areas of horse racing.
The total number of people attending a meeting on UK soil fell by 0.7% in 2024 compared to the year prior. However, it should be noted that there were 15 fewer fixtures held due to abandonments and other reasons, with the average attendance per event actually increasing by a marginal 0.4%.
Attendances at Premier racedays fell by more than 33,000 people, which would perhaps also account for the drop-off in bets placed at the fixtures.
Sadly, the number of horses in training has also fallen, with a drop of 1% compared to 2023 in terms of the quantity of horses that ran once or more last year. The figures paint a particularly stark picture for jumps racing, where the decrease was 3%… compared to a 0.5% rise in the number of Flat horses taking to the track.
This is despite prize money increasing at some meetings… however, once again, it’s the grassroots that bears the weight of a real terms decrease in funding at lower grade fixtures.
The total prize money at Premier racedays increased by a whopping £7.3 million, but for other meetings labelled as ‘Core’ by the BHA? Prize money fell by £3.6 million… no wonder so many smaller yards and trainers are putting fewer horses out or calling it a day altogether.
One trainer, Gay Kelleway, was forced to leave Newmarket in 2024.
“I can’t afford the small string I’ve got and the lack of prize money to continue within the town,” she said.
The ray of hope, perhaps, is that the Horseracing Levy Board has promised to funnel a further £1 million into the prize money for Core races in 2025, but is it enough? Or has the damage already been done?