A report produced by the Sports Business Group at Deloitte for the British Horseracing Authority found that horse racing remains the second largest sport in Britain, with an overall economic impact in 2012 of £3.45 billion.
The Economic Impact of British Racing 2013 report proved the sports of king to be quite resilient to economic headwinds and a challenging betting market.
Despite a significant fall in levy yield, down from the £1 billion plus per year generated until 2008/09 to £710m in 2012/13, British racing remained the single biggest sports betting product of UK-facing bookmakers.
The onshore betting industry generated close to £4 billion in gross win from British racing in the last five years, of which £375m was paid back to the sport through the levy.
With several hundreds of millions in sportsbook gross win calculated to have moved offshore, the British horse racing industry continues to seek a commercial replacement to the Levy Board, which ideally should capture the increasing amount of offshore betting turnover, particularly for online bookmakers.
Paul Bittar, Chief Executive of the British Horseracing Authority, said the resilience of British racing is no accident, but comes as the result of the collective steps taken within the sport over the last decade.
"Putting funding arrangements with bookmakers on to a truly commercial footing remains our
sport’s biggest challenge...We believe the relationship is heading in the right direction, even if not yet fully the numbers," he added.
Read the full report: Economic Impact of British Racing 2013