Pandemic recovery
Horse racing industry leaders from the British Horseracing Authority (BHA), racecourses, and horsemen have all agreed upon the next stage of racing’s response to the COVID-19 pandemic.
plan focuses on retaining key investors and owners
Racing was the first major sport to return to action in the UK following pandemic shutdowns, with races restarting on June 1. The new plan focuses on retaining key investors and owners, as well as getting fans in the stands when racing opens up to the public once more.
The racing schedule will expand in September; the events will be able to offer more prize money thanks to further contributions from the Horserace Betting Levy Board.
Since resumption, television audiences and betting revenues have been strong. Media coverage and betting interest in the sport rose while other major sports were still out of action.
Getting back to normal
Revenues for the racecourses themselves will continue to flounder until the public is welcomed back through the turnstiles; no date has been set to allow fans to return. The same goes for those accepting bets at the racecourses. Thus, prize money at all levels is going to be lower until things get back to normal.
This includes using the upcoming review of the Gambling Act in the UK, the legislation that governs betting in the region, as an opportunity to maintain a supportive environment for horse racing.
Lofty goals
As part of the recovery plan, industry goals have been laid out. Many of the goals aim to return the sport to a level where the race day experience gets back to normal while still maintaining the health and safety of everyone involved. There are also calls to cut costs and become more agile as an industry to new revenue generating opportunities.
A spending plan will need to be agreed upon for the central funds and rule reforms may be needed to help retain key investors. A consistent and high-quality experience for betting customers is also important. The ultimate goal is ensuring the long term sustainability and growth of UK racing, particularly in a recessionary economic environment.
one clear action plan with some ambitious goals.”
As part of the release of this latest plan, Racecourse Association chief executive David Armstrong said: “This plan brings together all the necessary components in one clear action plan with some ambitious goals.”