Owners Departing Racing Industry Attributable to Financial Verification Checks

I’ve previous discussions have focused on the implications of financial eligibility checks and their repercussions on the racing sector, judging by recent evidence, likely to negatively impact the sport in both short and mid-term.

The longevity of this beloved sport and its potential renaissance is uncertain, yet it's evident that maintaining the engagement of owners is crucial to its survival.

Previously, discussions have centered around owners withdrawing from racing due to insufficient prize money, highlighting that racehorse ownership isn't mandatory; you're not forced to shell out tens of thousands on yearlings, store horses, or point-to-point champions as broad examples.

However, the freedom for anyone over the age of 18, owners included, to place a bet has been somewhat overlooked until recently.

Prize Money

The significance of prize money has been widely discussed, with many noting that a lack of inflation-matched prize money and the expenses of maintaining a horse in training deter owners, contributing to a decline in their numbers in the UK.

While some owners and trainers have considered relocating overseas, citing higher prize stakes, with owners predominantly moving to Ireland and trainers favoring France, it remains uncommon for owners to completely exit the sport.

Thanks to comprehensive coverage of international racing by both UK and Irish bookmakers and the Tote, those in jurisdictions abroad haven't really been denied the opportunity to place bets.

True, bookmakers might shy away from taking large wagers on particular races, such as the 2:10 at Longchamp or the 3:55 at Limerick, either due to their unfamiliarity with the form or the relatively weak PMU markets early on and integrity issues, respectively.

Racehorse owner Carl Hinchy, who's had many successful horses over the years, including the champion Riders Onthe Storm in 2020, is contemplating his future in the sport, sharing that intrusive financial verification processes for placing bets are the tipping point, given they're not necessary for luxury purchases.

Hinchy openly shared with the Racing Post on August 15, that during the 2022/23 season, his overall expenditure reached £121,500, yet prize winnings only brought in £94,000.

His notable wins included a triumph in a significant handicap at Aintree, a major victory at Chepstow over Christmas, and three runner-up finishes at the prestigious Cheltenham racecourse.^thThe data speaks for itself, as the involvement of racehorse owners continues to wane.

Addressing this concern is vital for the sport, with betting as a pivotal element.

Historically, conversations largely revolved around bookmaker restrictions, but lately, account limitations based on verifying the source of funds and income proofs have overshadowed those issues.

While preventing problem gambling in horse racing and other sports is important, it's crucial to strike a balance that doesn’t overly dampen the experience for others.

Acknowledging voices like Carl Hinchy, trainer Gary Moore, and others, it seems regulations are making it increasingly difficult to wager on horses, a potential deterrent for owners keeping horses in training in the UK, threatening the sport's future, which already leans heavily on specific funding and participation sources.

World Pool gets a lot of attention during key events, and the idea of a global tote is enticing, offering another solution for punters and owners involved in UK racing.

Still, it's worth understanding that World Pool won't cover every UK meet—only the top ones—and having a robust Tote market is pivotal for placing bets.

Tote & On Course

Feedback reveals that markets and pools via the Tote lack strength, often supported by paid content for various betting promotions.

As a regular bettor in PMU/Tote markets myself lately, the main gripe from many, including myself at times, is sparse liquidity.

Should the current Tote system bolster this, it may evolve into a legitimate third option—complementing both traditional bookmakers and betting exchanges for owners wishing to back their horses.

Also, the off-course betting barriers could invigorate on-course markets, since, despite concerns about dwindling participation and bookmakers mirroring Betfair odds, the sector could shimmer if bookmakers are willing to take higher bets from owners and trainers.

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