The payments were derived from a variety of services including Racecourse Retail Business, Racing UK, online streams, GBI Racing, international deals, an ITV television agreement and Racecourse Data Company.

RMG completed the first full year on its new LBO contract with SIS at the end of 2018; it also had 26 Irish racecourses, along with Chelmsford City, join its ranks for 2019 and launched Racing TV, its global betting TV channel.

Roger Lewis, Chairman of RMG, described the company as having "enjoyed another productive year."

He said: "Looking forward there are great challenges ahead, particularly with the new FOBT legislation, which will negatively impact the UK LBO estate, and significantly reduce the financial contribution from the LBOs to UK racing.

"There is also political and regulatory uncertainty, not only in our country, but across our global territories."