The report places racing as the second biggest sport in Britain after football by revenue-generation and attendance. Deloitte calculated total attendances of 5.7million last year at racing events.
The British Horseracing business also contributed at least £325 million in tax during 2008, taking a five-year tax total to over £1.5 billion.
“Deloitte’s study reiterates that British Horseracing, as the second biggest sporting activity in Britain, is a significant contributor to the leisure, agricultural and rural economies in Britain,” said Nic Coward, chief executive of the British Horseracing Authority.
“It also highlights the disparity regarding the returns to the sport from betting compared to other major racing nations. If further demonstration of our broken system was needed, we have the second highest betting turnover of the major racing nations yet the lowest return by far from the betting industry to our sport.”
The industry has however been hit in some areas by the economic downturn, such as in reduced bloodstock sales.
