Betting and Gaming Council (BGC) figures reveal that its members directly contributed £455m ($582m) to British horseracing last year in levy, media rights and sponsorship deals.
However, according to the Horserace Betting Levy Board, levy payments are projected to be £99m in 2022/2023 – up from £50m in the year 2016/2017.
The Department for Culture, Media and Sport has committed to reviewing the Horseracing Levy by next year.
The Horseracing Levy, which is administered by the Horserace Betting Levy Board, goes towards enhancing the sport, breeding and advancing veterinary care.
Despite there being a 10.3% reduction in betting turnover in the last five years, the BGC has committed to donating more to British horseracing now than ever before.
The BGC is keen to highlight its current contribution, due to talks of potentially increasing future levies after the White Paper's recommendations.
Michael Dugher, BGC CEO, said: “Betting continues to bankroll the sport but it is not a bottomless pit. I know racing, just like any other sport and indeed our own land-based betting and gaming industry, is trying to bounce back post-Covid in the face of seriously challenging economic headwinds.
“That is why the BGC is fully committed to working together with the leadership of the sport, including the BHA and others, to ensure racing not only survives but thrives. Anyone who cares passionately about the sport, as I do, understands that racing must change. Future investment must come with reform."
