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BGC Members Make Record Horserace Betting Levy Contribution

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Betting and Gaming Council members are expected to contribute a record £105m in levy payments to the Horserace Betting Levy Board for last year, new figures reveal.

The figure, provided by the independent Horserace Betting Levy Board, is an increase of £5m on the previous year.

As a result of this record additional funding from bookmakers, the HBLB announced an increase of £3.2m in its prize money contribution for 2024 versus 2023, from £67.3m to £70.5m.

It is the third year in a row that Levy contributions have increased, from £97m in 2021/22, to £100m in 2022/2023 and now £105m in 2023/2024.

According to the Horserace Betting Levy Board, the £105m total is derived from the receipt of provisional end of year submissions from most Levy-paying bookmakers.

Michael Dugher, Betting and Gaming Council CEO and Acting Chair, said: “This record contribution to the Levy is extremely welcome news and demonstrates once again the enduring, mission critical support regulated betting provides British horseracing.

“Despite a double digit decline in horserace betting turnover over the past five years – and a double digit decline in racecourse attendances – this shows that levy contributions and prize money are both up, and it once again provides a timely reminder that racing could not survive without the record financial support that is flowing from betting.

“Our members remain committed to the long-term success of horseracing, and the huge economic contribution it makes across the country, especially in rural communities.

“Attention must now turn to how we challenge vested interests, introduce real change and reform the sport, ensuring we reverse the current decline and provide racing with a genuinely long term sustainable future.”

Horseracing is the second biggest spectator sport in the UK, second only to football, with around five million people attending approximately 1400 fixtures annually across 59 racecourses.

However, the sport has been in decline in recent years. In 2007, 17% of the population enjoyed horserace betting the previous year, but that fell to 10% in 2018, while racecourse attendances have dropped by 14% since 2019.

Meanwhile, horserace betting turnover for April to December 2023 is down 17% vs the average for the same period across the last five years.

The BGC has made significant efforts to lessen the impacts on racing as a result of the Government’s White Paper on gambling reforms, particularly on the issue of affordability.

Earlier this month the BGC announced a new voluntary industry Code on Customer Checks which raises standards, while reducing the need for requests for private financial documents.

Developed jointly with the Gambling Commission and backed by Government, this Code will operate as a voluntary interim scheme – bringing consistency across the regulated sector for operators who adopt it – until the frictionless financial risk assessments set out in the Government’s White Paper can be developed, tested and implemented.

While this Code delivers progress on resolving the issue of intrusive document checks, it does not offer a complete solution. So, the BGC and GC are now actively working on a new Code on Anti-Money Laundering checks, which also trigger requests for documents.

The BGC is currently working with the British Horseracing Authority and government to resolve a settlement on a new voluntary Levy to support horseracing.

It is estimated BGC members contribute around £350m a year to British horseracing in Levy, media rights and sponsorship deals.

Meanwhile the wider regulated betting and gaming sector supports 110,000 jobs, generates £4.2bn in tax and contributes £7.1bn to the economy.

Each month around 22.5m adults in Britain enjoy a bet, whether it’s buying a lottery ticket, having a game of bingo, visiting a casino, playing online or having a wager on football, horseracing and other sports.

The most recent NHS Health Survey for England estimated that 0.4% of the adult population are problem gamblers.

The post BGC Members Make Record Horserace Betting Levy Contribution appeared first on European Gaming Industry News.

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Boost your Winnings this Thanksgiving with 50 Free Spins on Dawn of Eldorado at Slots Capital Casino

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The post Boost your Winnings this Thanksgiving with 50 Free Spins on Dawn of Eldorado at Slots Capital Casino appeared first on European Gaming Industry News.

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EGT Digital’s X-Nave named “Online Platform of the Year” at the Golden Spade’s Awards 2024

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EGT Digital’s iGaming platform X-Nave has been distinguished as the “Online Platform of the Year” at the Golden Spade’s Awards 2024. The company received the prize at a glamorous ceremony held on November 26 at the Hyatt Regency Sofia Hotel. The event, organized for the second consecutive year by the Association of Organizers of Gambling Games and Activities in Bulgaria (AOGGAB), recognized excellence across 12 categories.

X-Nave is an in-house developed “all-in-one” betting platform, providing operators with advanced technology and tools they need to build and maintain a successful and competitive online business. A key strength of X-Nave is its flexibility, as its modules can operate as part of the complete solution or seamlessly integrate with third-party solutions.

Vladimir Dokov, CEO of EGT Digital, received the award at the official ceremony and shared: “It’s a pleasure that X-Nave is recognized by an increasing number of operators as a solution that guarantees sustainable development and long-term success for their business. This award is an acknowledgment of the high assessment of our customers, partners, and industry experts. I would like to thank all of them for their trust and support, without which we would not have been able to achieve these results.”

The post EGT Digital’s X-Nave named “Online Platform of the Year” at the Golden Spade’s Awards 2024 appeared first on European Gaming Industry News.

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Blueprint Gaming spreads its Christmas charm in King Kong Cash™: Even Bigger Bananas Power Play

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Blueprint Gaming’s iconic gorilla makes a special, festive return in the studio’s latest release, King Kong Cash™: Even Bigger Bananas Power Play, offering slot enthusiasts a plethora of bonus rounds to enjoy just in time for Christmas.

The 4,096 ways to win slot takes its place in the depths of a frozen jungle with the 6×4 grid playing host to a series of Kong’s fellow inhabitants and festive-themed bonus icons.

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The series’ renowned Free Spins round is accessed by landing between three and six Kong scatters, granting 10 free spins and the perfect Christmas treat of a direct payout of up to 500x.

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The post Blueprint Gaming spreads its Christmas charm in King Kong Cash™: Even Bigger Bananas Power Play appeared first on European Gaming Industry News.

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