BHA Q3 Racing Report Reveals Challenges and Opportunities in 2025
Overview of Q3 2025 Racing Industry Performance
The British Horseracing Authority (BHA) recently released its report detailing the racing industry’s results for the third quarter of 2025. The data highlights ongoing challenges facing the sector, including a dip in betting turnover amid broader financial pressures.
Decline in Year-to-Date Betting Turnover
The BHA’s report reveals that total betting turnover for the year to date, up through the end of the third quarter, dropped by 4.2% compared to the same period in 2024. When compared to 2023, the decline is even more marked, with turnover reducing by 12.8%.
Since the number of races varies each year, the BHA also considered the average betting turnover per race as a key performance indicator. This metric also showed a downturn, with a 5.8% decrease compared to 2024, and an 11.4% fall relative to 2023.
Looking deeper into betting trends, the data suggests that bettors are focusing more on major race days. This is reflected in a 2.7% rise in average turnover per race at Premier Fixtures. In contrast, Core Fixtures faced an 8.6% reduction in average turnover per race. The BHA attributes this shift in part to affordability checks, which have resulted in fewer high-stakes customers.
Encouraging Signs Despite Challenges
Despite financial pressure, some positive trends emerged during the period. Attendance at races saw a 4.9% increase, rising from 3.9 million to 4.1 million attendees. Premium Fixtures experienced a 5.3% increase in average crowd size, reaching 697 spectators, while Core Fixtures also grew by 4.4% with an average of 107 attendees. These figures underscore the sport’s enduring appeal and a successful boost from the “The Going Is Good” campaign.
Television and streaming viewership also lifted, highlighted by notable events like the Cheltenham Festival, which attracted its highest peak audience in four years with 1.8 million viewers. The Derby also recorded a two-year peak with 1.3 million viewers tuning in.
Field size statistics provide additional context: Premier Flat meetings saw a modest increase in average field size to 10.97 runners, the highest in recent years, while Jump meetings declined slightly to 9.93. Core Fixtures saw decreases as well, with Flat meetings dropping to an average field size of 8.54 and Jumps declining to 7.63 runners.
The report also notes that the industry has staged nearly 100 more races in 2025 so far, leading to a rise in total prize money by GBP 4.7 million, reaching GBP 153 million across all meetings.
However, the BHA highlighted ongoing concerns about a shrinking horse population, which has been declining by approximately 1.5% annually since 2022. While solutions are being explored, these are expected to take time to implement effectively.
BHA Stands Against Proposed Remote Betting & Gaming Duty
The BHA remains vocal in its opposition to recent government tax proposals, especially the introduction of a unified Remote Betting & Gaming Duty (RBGD) that would cover all types of gaming. The authority warns that this move could severely damage the racing industry.
In an open letter addressed to the Chancellor of the Exchequer, the BHA expressed strong concerns that the RBGD could inflict lasting harm on the sector’s sustainability and growth.
