Prize Money At Biggest U.K. Racecourses Will Rise By 15% Next Season
Prize money at Britain’s biggest racecourses "will jump 15% to £40.4M ($66M) next year," according to Danielle Rossingh of BLOOMBERG. Governing body the Jockey Club Group CEO Simon Bazalgette said, "We're being more commercially successful, driving our profits and so we were able to put more back into prize money. Prize money in 2013 is also set to rise because of a higher horseracing betting levy from bookmakers." The Jockey Club, which manages and operates 15 racecourses including Cheltenham and Newmarket’s Rowley Mile and July courses, will contribute a record £18.6M ($30.6M) to the prize money pot. The club contributed £16.8M ($27.3M) in '12. Funding from the betting levy -- the annual fee on the profits of bookmakers from bets on British horseracing -- "will contribute £15.1M ($24.6M), up from £11.7M ($19M)." Prize money "will be spread across 361 fixtures." Average prize money per fixture will rise 6.3% to £110,000 ($178,900) (BLOOMBERG, 12/20).