Arena Racing Company To Slash Prize Money

Arena Racing Company To Slash Prize Money

Arena Racing Company appear to be the first organisation to act following news of the government's repression on Fixed Odds Betting Terminals (FOBTs), by reducing their prize money allocation in racing.

Arc's total commitment to total prize money will be down to almost £15 million in 2019; a decrease of 16% from this year, with these changes expected to come into fruition on February 11th - weeks before the Cheltenham Festival.

This will affect over 3,000 races in the sport, with Arc bosses suggesting further reductions should not be ruled out.

(Credit: Racing Post) Arc Chief Executive Martin Cruddace said: "It was not a decision everyone has taken lightly.

"However, the racecourse group, which operates 16 tracks and is due to stage 570 meetings in 2019, "simply cannot continue" to maintain its current levels of contributions to prize-money," he said.

After many top-band races had initially seen a rise in income; such as the Ebor Handicap at York, the government's decision to reduce FOBT stakes from £100 to as little as £2 is now expected to swing the pendulum the other way, and now result in a major reduction in potential prize money to winning connections from all potential forms.

Several betting shops are set to shut, and will therefore withdraw their prize money input from the money they receive from media rights payments to racecourses, which is estimated to be around £50 million.

It is understood Arc is budgeting for at least 1,000 betting shops to have closed by this time next year, and Arc's Chief Executive, says the closures will sadly only increase in the months and years to come.

(Credit: Racing Post) Cruddace said: "At the time of the 2017 funding review, it was agreed that the race incentive fund and appearance money scheme, paid for by these levy increases, should be unlocked alongside further direct investment from racecourses."

"Today, however, the well-publicised impact of betting shop closures on racecourses' media rights income has already started to take effect, and will only increase in the months and years to come.

"As a result of this, Arc simply cannot continue to support our current levels of executive contribution to prize-money and unlock all qualifying races, as was the case throughout 2018," he finished.

Free Bets & Offers


🐎 BET £10 ON THE FIRST RACE AT NEWMARKET & GET A £5 FREE BET FOR EVERY OTHER RACE ON THE CARD 🐎
New customers only • £10 deposit using promo code • Minimum stake £10 at odds of 1/2 (1.5) • Free bets credited upon qualifying bet settlement and expire after 7 days • Free bet stakes not included in returns • Deposit balance is available for withdrawal at any time. withdrawal restrictions & Full T&C’s apply
Claim Bonus
💥 BET £5 ON HORSE RACING & GET £30 IN FREE BETS! 💥
FIRST SINGLE & E/W BET ONLY. ODDS OF 1/1 OR GREATER. 3 X £10 BET TOKENS. FREE BET STAKES NOT INCLUDED IN RETURNS. FREE BETS ARE NON WITHDRAWABLE. NO FREE BET EXPIRY. ELIGIBILITY RESTRICTIONS. FURTHER T&CS APPLY. 18+. BEGAMBLEAWARE.ORG
Claim Bonus
📲 BET £10 GET £40 AT WILLIAM HILL 📲
New customers who register via mobile only, min £10/€10 stake, win only, min odds 1/2, free bets paid as 4x£10/€10 (30 day expiry), free bet/payment method, player/country restrictions apply
Claim Bonus
🏆 BET £20 & GET YOUR STAKE BACK AS CASH IF YOU LOSE! 🏆
New customers only. Minimum odds 1/5 (1.2). If you place a multiple at least one selection must meet the min odds requirement. Max £20 refund. Only deposits made using Cards or Applepay qualify. Qualifying bet must be placed and settled within 30 days of account opening. T&Cs apply.
Claim Bonus
🏆 £20 Risk Free First Bet - Money Back in CASH 🏆
New customers only, limited to one per person. If you’ve previously had a Paddy Power account, you will not qualify for the offer. Place your first bet on any Sportsbook market and if it loses we will refund your stake in CASH. Max refund for this offer is £/€20. Only deposits made using Cards or Paypal will qualify for this promotion. T&Cs apply.
Claim Bonus
Get up to £30 in FREE BETS! ☑️
New UK & Ireland customers only. Min Deposit: £10. First deposit matched up to £30. 1 x wagering at odds of 1.75+ to unlock Free Bet. Debit Card & PayPal deposits only. Terms Apply
Claim Bonus
⚡️Get up to £100 in Bet Credits⚡️
New Customers only. Up to £100* in Bet Credits. Sign up, deposit £5* or more to your account and bet365 will match your qualifying deposit in Bet Credits when you place qualifying bets to the same value and they are settled. Min odds/bet and payment method exclusions apply. Returns exclude Bet Credits stake. T&Cs, time limits & exclusions apply.
Claim Bonus
When The Fun Stops. Stop.