Home Business News Yorkshire racecourse revenue to plummet by £115m

Yorkshire racecourse revenue to plummet by £115m

by LLB Finance Reporter
29th Dec 20 8:53 am

Yorkshire’s horseracing industry contributed £300.2 million to the UK’s economy in 2019. However, according to the research data analyzed by Safe Betting Sites, it is on course to lose £114.8 million in 2020.

Moreover, the prize money at Britain’s top 10 prime horseracing events plummeted by 63% during the 2020 summer season. From £10.3 million, it fell to £3.8 million.

HKJC Says Over 90% of Horseracing Bets Placed Online in 2020

Prime money for Investec Derby went from £1.6 million in 2019 to £500,000 in 2020 while the Juddmonte International fell from £1 million to £275,000. Ascot also slashed the King George VI prize pool to £740,000 from £1.4 million. British Champion Stakes fell from £1.4 million to £275,000.

Britain’s average prize pool per flat race is the lowest among the top seven racing jurisdictions globally.

On the other hand, Hong Kong has made a name for hosting the richest races. While others slash prize pools, the Hong Kong Jockey Club (HKJC) increased prize money across the board. It announced a record HK$1.4 billion ($181 million) increase for the entire 2020/21 season across 88 meetings. That marks a 4.8% increase from the previous season.

Its key domestic race, the BMW Hong Kong Derby, got a 20% boost becoming the second richest derby globally. The country is also home to the richest Group 1 races. These are the Hong Kong Cup over 1m2f (HK$28M), the Mile (HK$25M) and the Longines 6f Sprint (HK$22M).

During the HKIR on December 14, 2020, fans from 27 jurisdictions placed their bets through 60 wagering partners. The HKJC points out that 90% of 2020 bets thus far were placed online, compared to 55% in 2019.

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