Newbury racecourse has said it will be ‘carefully reviewing’ its investment in prize-money at the track due to the ‘significant risk’ of falling income caused by betting shop closures.
The Racing Post reports that the warning came as the course unveiled its interim results for the first six months of 2019 on Tuesday.
Betting shop numbers have started to fall following the implementation in April of the new £2 stake on FOBTs, which is expected to have a major effect on racecourse finances due to reduced income from media rights.
The importance of those rights was highlighted in Newbury’s results which said it had received total media-related revenues of £2.39 million, an increase of four per cent on the same period in 2018, which was ‘attributable to increased LBO [licensed betting office]revenues’.
Earlier in the year Newbury said it would maintain prize-money levels of £5m in 2019 despite the uncertainty over future income created by the government’s crackdown on FOBTs.
However, prize-money levels at Newbury have already been criticised by trainers, including last month when a Listed race offered just £14,461 to the winner.
Ed: FOBT = Fixed Odds Betting Terminal
