Proceeds from the races will go to charities like Prostate Cancer UK, Marie Curie, the three-Armed Forces charities and Care Radio.

Operators like Flutter Entertainment, bet365, Entain, William Hill, Kindred Group, BetVictor and Betway have all signed up for the fundraising initiative; in total there are 13 companies.

All brands will now hand over all profits from win and each-way bets, once levy and duties have been deducted. If they are not left with a profit, all 13 have agreed to make a donation.

Last year’s Britannia Stakes fundraising scheme brought in £250,000 ($349,701) for a variety of good causes.

BGC Chief Executive, Michael Dugher, said: “I am absolutely delighted the BGC’s largest members are once again leading this fantastic initiative, which will raise vital funds for some of the country’s top charities.

“Millions of people enjoy a flutter and I’m proud betting companies will donate their profits from one of Royal Ascot’s top races, to go towards some brilliant causes that will help so many people across the country.”

Ascot Racecourse MD, Alastair Warwick, added: “We are thrilled that the betting industry will once again be donating profits from the Britannia Stakes to these very worthy charities.”

Nineteen-time champion jump jockey, Sir AP McCoy, said: “It’s a fantastic idea, and, like the virtual Grand National initiative last year, I hope the charities receive a big windfall from the race.”