Horse racing is a multi-million pound industry in the United Kingdom. It is one of the oldest and most popular sports in the country, and is enjoyed by millions of people every year. Horse racing in the UK is a complex industry that is worth a great deal of money. In this article we will explore how much the industry is worth and what its economic impact is.
History of Horse Racing in the UK
Horse racing has been a part of British culture for centuries. The earliest recorded race in the UK was held in 1174 at Smithfield in London. By the 18th century, horse racing had become a popular pastime in England, and racecourses had been established across the country. Today, there are over 60 racecourses in the UK, with thousands of races held each year.
The Economic Impact of Horse Racing in the UK
Horse racing is an important contributor to the UK economy. According to the British Horseracing Authority, in 2017 the sport generated £3.45 billion in Gross Value Added (GVA) to the UK economy. This is equivalent to 0.2 per cent of the UK’s total GVA.
The industry also supports over 34,000 full-time jobs and contributes around £430 million in annual tax revenue. Horse racing also provides a significant boost to the tourism industry in the UK, with visitors flocking to racecourses to watch and bet on the races.
The Horse Racing Industry in the UK
The horse racing industry in the UK is highly regulated, with the British Horseracing Authority (BHA) overseeing the running of races and the welfare of horses. The BHA is responsible for setting standards and ensuring that the industry is run safely and responsibly.
The industry is largely funded through a combination of betting, sponsorships, and media rights. The total betting turnover for horse racing in the UK in 2017 was estimated at £4.5 billion, with the majority of this coming from the betting exchanges.
The Cost of Horse Racing in the UK
The cost of operating a horse racing business in the UK is substantial. Racecourses must pay a variety of costs, including rent, staff, care of horses, and prize money. In addition to this, the industry must pay various taxes, including the Horserace Betting Levy and the Horse Racing Tax.
The total cost of running the horse racing industry in the UK is estimated to be around £2 billion per year. This includes the costs associated with running the sport, such as prize money, and the costs associated with betting, such as the Horserace Betting Levy.
The Total Value of the Horse Racing Industry in the UK
The total value of the horse racing industry in the UK is estimated to be around £6.5 billion per year. This includes all of the direct and indirect economic impact of the sport, as well as the total betting turnover. This figure does not include the value of sponsorships and media rights, which are estimated to be worth around £400 million per year.
Horse Racing Industry and Brexit
The Brexit vote has had a significant impact on the horse racing industry in the UK. The industry is heavily reliant on EU funding and subsidies, and the loss of this funding could have a detrimental effect.
The industry is also heavily reliant on the free movement of people and horses, and any disruption to this could also have a negative impact. The UK government has committed to ensuring that the horse racing industry is not adversely affected by Brexit, but the full impact remains to be seen.
The Growth of the Horse Racing Industry in the UK
The horse racing industry has seen steady growth in recent years. This is due to a number of factors, such as an increase in betting turnover, an increase in sponsorship and media rights, and a greater focus on the welfare of horses.
The industry has also seen an increase in the number of racecourses, with new venues being built in recent years. This has helped to increase the reach of the sport, with more people being able to enjoy horse racing in the UK.
Conclusion
The horse racing industry in the UK is a multi-billion pound business that provides significant economic benefits to the country. The industry is worth an estimated £6.5 billion per year, and supports thousands of jobs. The industry is also heavily reliant on EU funding and free movement of people and horses, and the impact of Brexit remains to be seen. The industry is continuing to grow, with new venues being built and a greater focus on the welfare of horses.
Key Takeaways
Horse racing in the UK is a complex industry that is worth a great deal of money. The sport generates £3.45 billion in Gross Value Added (GVA) to the UK economy, and supports over 34,000 full-time jobs.
The total value of the horse racing industry in the UK is estimated to be around £6.5 billion per year. This includes all of the direct and indirect economic impact of the sport, as well as the total betting turnover.
The industry is heavily reliant on EU funding and free movement of people and horses, and the impact of Brexit remains to be seen. The industry is continuing to grow, with new venues being built and a greater focus on the welfare of horses.