THOROUGHBRED.GLOBAL · INDUSTRY INTELLIGENCE
British Racing:
Funding, Responsibility & Opportunity
A clear view of how money moves through British racing, who carries responsibility and where informed collaboration could strengthen the sport.
THE CENTRAL ISSUE
British racing is an ecosystem, not a single funding stream.
Racing is supported by owners, racecourses, betting-related income, media rights, sponsorship, admissions, hospitality and commercial partnerships. The Horserace Betting Levy is important, but it does not finance the sport by itself.
This interdependence matters. A fall in betting engagement can affect Levy receipts and media-rights value. Pressure on owners can affect field sizes and bloodstock investment. Pressure on racecourses can affect fixtures, prize money and the spectator experience.
Owners & breeders
Purchase, breed, train and campaign the horses on which the sport depends.
Racecourses
Stage the product and generate income through media, attendance, hospitality and partnerships.
Betting activity
Supports the sport through the statutory Levy, media rights and sponsorship relationships.
Industry bodies
Regulate, distribute funds, represent participants and deliver industry-wide programmes.
HOW THE LEVY WORKS
A statutory return from British horserace betting.
The Horserace Betting Levy is paid by bookmakers on profits generated from bets placed by customers in Great Britain on British horseracing. Under the current framework, operators whose annual gross profit from British horseracing exceeds £500,000 pay 10% above that threshold.
The Horserace Betting Levy Board assesses, collects and distributes the money. It operates at arm’s length from government under legislation and applies funds to three statutory purposes: improving horseracing, improving breeds of horses, and advancing veterinary science or veterinary education.
Important distinction: the Levy is based on bookmaker gross profit, not the total amount staked. A higher yield can therefore coincide with falling betting turnover. HBLB has warned that maintaining gross win while turnover declines may not be sustainable.
WHO DOES WHAT?
Responsibility is distributed across the sport.
| Organisation or group | Primary role | Why it matters |
|---|---|---|
| Horserace Betting Levy Board | Collects and distributes Levy funds through grants and loans. | Supports prize money, regulation, integrity, veterinary work, training, welfare and promotion. |
| British Horseracing Authority | Governing and regulatory body; leads strategy, rules, integrity and fixture policy. | Connects sporting regulation with the long-term health and commercial appeal of racing. |
| Government and DCMS | Own the legislative framework and public-policy decisions affecting the Levy and gambling regulation. | Changes to legislation, tax or regulation can alter betting behaviour and racing income. |
| Gambling Commission | Regulates licensed gambling in Great Britain and implements consumer-protection requirements. | Its policies can influence the licensed betting market on which racing-related income depends. |
| Bookmakers | Offer betting, pay qualifying Levy liabilities and purchase commercial rights. | Connect racing to betting customers and provide several forms of industry income. |
| Racecourses and media-rights groups | Stage fixtures and commercialise pictures, data, attendance and hospitality. | Convert the racing product into consumer and business revenue. |
| Owners, breeders and participants | Supply horses, investment, expertise and the people who deliver the sport. | Carry substantial direct costs and determine the depth and quality of competition. |
CURRENT PRESSURES
Headline income can conceal structural vulnerability.
Falling betting turnover
HBLB reported average turnover per race in 2025/26 was 19% below 2021/22. Because the Levy ultimately depends on customer betting activity, that downward trend matters even when short-term gross profits keep receipts stable.
Financial risk assessments
Consumer protection and racing sustainability must both be taken seriously. The BHA argues that document-based checks could reduce licensed betting turnover and has called for independent evaluation of their effects.
The illegal market
Movement from licensed operators to unlicensed betting would weaken consumer protection and remove activity from the regulated system that supports racing.
International competitiveness
Prize money, ownership costs, breeding economics and the ability to retain horses and talent influence Britain’s position in a global bloodstock market.
Fragmented responsibility
No single body controls every important lever. Coordination is essential where regulation, funding, fixtures, media, welfare and participant interests overlap.
Public trust and relevance
Welfare, integrity, transparency and a compelling consumer experience are not separate from funding: they underpin confidence, attention and participation.
RESPONSIBLE OPPORTUNITY
Where collaboration could make a measurable difference.
Better public understanding
Make racing’s funding system accessible, showing how betting, ownership, media, racecourses, welfare and regulation connect.
Transparent impact reporting
Connect funding decisions to visible outcomes: competitive racing, participant welfare, veterinary research, workforce development and audience growth.
Broader commercial partnerships
Develop relationships beyond traditional betting sponsorship while respecting the sport’s existing economic realities.
Data-led reform
Measure the real effects of policy, product and fixture decisions before treating assumptions as settled fact.
Ownership and breeding confidence
Improve the proposition for those who invest in horses, bloodstock and the long-term quality of the breed.
A shared industry conversation
Create space where participants can understand different responsibilities and identify practical common ground.
THE QUESTIONS THOROUGHBRED.GLOBAL WILL FOLLOW
What should happen next?
- Is the present funding model resilient enough for the next decade?
- How should racing demonstrate the impact and value of the money it receives?
- Can consumer protection and the sustainability of British racing be advanced together?
- Where can new technology, data and commercial partners contribute responsibly?
- How can owners, breeders and racing’s workforce receive a stronger voice in future decisions?
CONTRIBUTE TO THE BRIEFING
Help us improve the picture.
This is a developing intelligence resource. We welcome corrections, evidence, informed perspectives and introductions from organisations and individuals working across racing, breeding, betting, regulation, welfare, technology and investment.
Share evidence or start a conversationPRIMARY SOURCES
Evidence used in this briefing
- HBLB Three-Year Business Plan 2025–2028
- HBLB Annual Report announcement: 2024/25 Levy yield and allocations
- HBLB provisional Levy yield for 2025/26
- HBLB 2026 non-fixture grant allocations
- HM Treasury: Tax Treatment of Remote Gambling—Government Response
- BHA statement on financial risk assessments, July 2026
Thoroughbred.Global is an independent platform and is not affiliated with the organisations listed. Figures and policy positions can change; primary sources should be consulted for formal decisions. Commentary distinguishes published fact from questions for industry consideration.