BETTING AND THE RACING INDUSTRY

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1 BETTING AND THE RACING INDUSTRY ROSS HAMILTON EXTERNAL AFFAIRS OFFICER Overview of British Racing Seminar, Newmarket, 30 September 2015

2 THE HISTORY OF BRITISH BETTING 1928 Racecourse Betting Act 1961 UK Betting Shops legalised 1986 Television pictures in betting shops 1995 Evening opening of Betting shops in summer months; Sunday Racing 2000 Betfairlaunched 2001 Gross Profit Tax replaces Turnover tax 2005 Gambling Act Gambling Commission, 4 FOBTsper betting LBO, Online Gambling Many online gambling operators relocate offshore 2011 Betfred buy the Tote 2012 BHA and Betfairsign five-year commercial agreement 2013 Racing and four major LBO operators seal voluntary arrangement 2014 Gambling (Licensing and Advertising) Act Point of Consumption licensing Three interlinked consultation processes on Levy extension, reform and replacement 2/12

3 TYPES OF BETTING IN THE UK Fixed Odds Bookmakers offer prices, typically in fractions e.g. 2-1, 9-4. Prices shorten the more money is placed on a horse. When bet is made, price is taken. Winners paid out at the odds they bet (e.g. 10 at 12-1 = stake = 130) Each way bets can be made on places Top 3 in 8-15 runner race, Top 4 in 16+ (Terms vary) Exotic types of bet also available Doubles, Triples, Exactas. Pool Betting The Tote No fixed price when you place a bet. All the bets placed go in to a pool after the race, cost deduction made, and then the remainder of the pool paid out to winning tickets. Price only finalised when race starts not when the bet is placed. Betting Exchanges Allow people to be both sides of the market backing horses to win or lay them to lose. In-running betting Small Commission charged on winning bets. Spread Betting The more accurate the bet, the more you win against the spread (e.g. Total number of lengths in winning distance) 3/12

4 THE UK BETTING MARKET TODAY - RETAIL 2,500 2,000 1,500 1, Number of LBOs March ,309 2,205 1,838 1,381 1,225 c.9,000 betting shops in the UK Market today is dominated by the Big Four 86% of betting shops 90% of Gross Win Racing no longer the dominant LBO product William Hill Revenue share of horseracing % % 34,000+ Fixed Odds Betting Terminal Machines William Hill 2014 Results OTC Gross Win: Machines Gross Win: 449.7m 461.8m 4/12

5 THE UK BETTING MARKET TODAY - REMOTE A much more diversified market for remote betting Difficult to accurately assess market share Significant growth in recent years driven by sports betting William Hill 2014 Sportsbook stakes = 153% of retail staking Racing accounts for approximately 30%-50% of sportsbook dependent on operator In-play markets and mobile presence particularly significant 70 million streams of British Racing in 2012 Most of market based offshore now regulated and taxed in the UK UK Remote Betting Market Share Source: William Hill Investor Presentation 5/12

6 THE UK BETTING MARKET TODAY - EXCHANGES Phenomenal growth in early years then plateaued now once again growing significantly Betfairremains the dominant market player and a significant role in the wider online sportsbook 2015 Net Revenue = 476.5m Racing remains a key element 54% rise in active customers on Cheltenham 2015 Landmark commercial agreement with Betfair in July Use of exchanges on course is adversely impacting the off course margins 6/12

7 A CHANGING PICTURE? Two major potential mergers announced in the British Betting industry Potentially 45% of UK LBOs Online market share of c.12% Competition authorities likely to intervene Completion in late 2016/early 2017 Online market share of 20-25% Significant online revenues of 5bn Combined levy of c. 20m? Likely to complete early 2016 Clear and significant implications for British Racing from both mergers 7/12

8 KEY ISSUES FOR RACING AND BETTING LICENSED BETTING OFFICES Retail betting market key to British Racing finances Fixed Odds Betting Terminals Max Stake 100; Max win 500 Increasing % of retail betting revenues Significant media and political pressure the crack cocaine of gambling Recent Developments RGT Research 6 th April onwards stakes loaded over the counter Betting shop clustering/planning rules FOBTs as % of LBO Revenues % of revenues 8/12

9 Offshore Levy leakage ( m) KEY ISSUES FOR RACING AND BETTING REMOTE GAMBLING Many operators moved offshore after 2005 Gambling Act Significant growth in market in this time, with many operators not mandated to contribute to the Levy An unlevelplaying field costing Racing c. 25m in Levy in 2014, and rising Gambling (Licensing and Advertising) Act Point of Consumption regulation and taxation of remote gambling Significant integrity benefits for Racing Reserve Power within Act providing for extension of the Levy yet to be enacted Calendar year Telephone (ex HR) Remote SOURCE: Regulus Insights Limited 9/12

10 BRITISH RACING S PROPOSAL HORSERACE BETTING RIGHT A right to be created through primary legislation to authorise the taking of bets on British Racing, making it unlawful to offer a betting service on British Racing without acquiring authorisation Represents a once in a generation opportunity to place British Racing s funding on a sustainable and fair footing. Satisfies the Government s five tests for a suitable funding regime Fair, Sustainable, Enforceable, Legally Sound while removing Government from the determination process. Provides the platform for a sustainable financial future for the British Racing industry allowing it to grow its income, broaden its employment base, enhance its substantial community impact and leverage even more international investment in UK PLC. 10/12

11 THE KEY REQUIREMENTS FOR A POSITIVE RELATIONSHIP All elements of the Racing industry must understand the importance of the betting industry to its future and work constructively with it A proper and equitable funding relationship with no loopholes exploited and which reflects the value of racing The Horserace Betting Right Open sharing of data with the aim of upholding integrity and improving the product Working constructively to improve Racing s market share across all betting mediums 11/12

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