The British Horseracing Authority (BHA) has attributed a significant decline in betting turnover during 2024 to the implementation of financial risk checks by the Gambling Commission. According to the BHA’s annual racing report published on 19 February, total betting turnover decreased by 6.8% compared to the previous year, and by 16.5% relative to 2022. This downturn encompasses both retail and digital betting sectors.
Despite an increase in the number of races held in the latter half of 2024, the BHA reported that the decline in total betting turnover slowed to less than 1% during this period. However, the average turnover per race still experienced a 4% reduction. Richard Wayman, the BHA’s director of racing, expressed confidence that the introduction of affordability checks has led bettors to either cease wagering or migrate to unlicensed operators where such checks are absent.
Impact of Financial Risk Checks on the Betting Industry
The Gambling Commission initiated a pilot program for light-touch financial vulnerability checks in August, targeting players with monthly betting deposits of £500 or more. This program involves additional assessments conducted by credit reference agencies. The second phase, set to commence on 28 February, will lower the threshold for checks to net deposits of £150 or higher. In response to the BHA’s report, the Gambling Commission noted the absence of concrete evidence linking the decline in betting turnover solely to these checks and emphasized that multiple factors could be influencing this trend. The Commission also clarified that there are no mandated “affordability” checks currently in place, nor are there plans to implement such measures. 
The racing industry has expressed concerns regarding the potential negative impact of these financial risk checks since their proposal in the Gambling Act review. The Jockey Club estimated that such measures could cost the UK horse racing industry up to £250 million over five years. Additionally, the BHA warned that up to 1,000 stable staff jobs could be at risk due to decreased betting revenues.
In an effort to mitigate the decline in betting turnover, the BHA has implemented strategies such as spacing out races on Saturdays and reducing the number of fixtures between 2 pm and 4 pm. These initiatives aim to enhance viewer engagement and betting activity by minimizing race overlaps and providing adequate build-up time for major events. The BHA remains hopeful that the deceleration in turnover decline observed since August will persist into 2025, contributing to the stabilization of the horse racing betting industry.
