- ITV made headlines this week after it was revealed.
- This harmed the sport as a whole because there was no slot for fortunate 15 in the racing at the time.
- According to research produced by the gambling industry trade organization.
- ITV, the Jockey Club, and Ascot Racecourse all declined to comment on the matter.
ITV has made headlines this week after it was revealed that it will renew its rights to air horse racing on British television in order to secure a large cash stream from commercials from bookies. The broadcasting firm has suggested to numerous racing executives that it intends to continue the contract signed last year.
However, formal negotiations or conversations have yet to begin.
The current contract, which includes coverage of events such as Cheltenham, the Grand National, and Royal Ascot, was signed in August of last year, after racing restarted following a forced stoppage caused by the coronavirus pandemic, which put several sports in crisis at the time.
The outcomes of all negotiations will be watched by the entire racing community, which lost hundreds of millions of pounds in revenue during the pandemic, primarily due to a lack of ticket sales.
This harmed the sport as a whole because there was no slot for fortunate 15 in the racing at the time.
ITV has been presenting horse racing to its viewers since 2017 when it took up the contract from Channel 4, and it is also contracted to show horse racing on television for 100 days.
Racecourse Media Group, which oversees media rights on behalf of the Jockey Club, which hosts Cheltenham, is crucial in negotiating various broadcast contracts.
Ascot Racecourse and Arena Racing Company (ARC) are known to manage their media rights separately.
Following broadcasting legislation passed in 1996, athletic events such as the Derby and Grand National must be shown on free-to-air television.
Paddy Power, which is owned by the gambling corporation Flutter, is a major sponsor of ITV’s racing coverage and will almost certainly renew its contract with the company if the contract is renewed early.
The chief executive of Spotlight Sports Group, Alan Byrne, argued that ITV’s holding of the rights was a “huge benefit to the sport as a whole in terms of profile, introducing people to the sport, producing a higher focus on future events and generating additional betting turnover”.
This action occurred in response to racing executives’ concerns that the UK’s gambling regulations could have a negative influence on the sport if the government requires that gamblers provide proof that they can afford a certain level of betting.
According to research produced by the gambling industry trade organization, the Betting and Game Council, horse racing produces £350 million from the gambling industry each year through sponsorship, media rights, and bet taxes.
Byrne told the reporters, “If you make it tougher for individuals to place bets, bookmakers will definitely lose income, as well racing, which is dependant on bookmakers for big quantities of money.”
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Prior to allowing various gambling organizations to advertise on UK television in 2007, Channel 4, which controlled the rights to carry horse racing at the time, was paid to screen horse races to ensure coverage.
ITV, the Jockey Club, and Ascot Racecourse all declined to comment on the matter.
While RMG asserts that it would be delighted to begin negotiations for an early renewal.
