Racing's Financial Black Whole: Punters and Owners in the Dark but Racecourses in Clover

UK racing, the sport of kings, or maybe kings of spin, and quite a few cash-hungry corporate overlords, has never been short of intrigue. But scratch the surface, and things start to smell less like roses at Ascot and more like the second lap at the dog track. Arena Racing Company (ARC) and Racecourse Media Group (RMG) are steering the sport into uncharted waters, but are they paddling towards a brighter future or straight into murky depths?

When you start digging, it’s funny what you find—like RMG’s £159 million turnover in 2023, up from £113 million in 2022, with just £9 million earmarked for wages and salaries. So, where exactly is all that cash galloping off to? If this was a betting slip, you’d be asking for the stewards to take a closer look. RMG seem to be financially cloaking any detail in their accounts, transparency is in short supply.

Racing One: Putting the 'Digital' in Dodgy

Enter the Racing One Rights Alliance, ARC’s bold new venture, which promises to simplify racing for a global betting audience. Brendan Parnell, ARC’s Managing Director of Media and International, describes it as making the sport less “analogue.” Translation? More punters, more bets, and more data-driven innovation to please the bookies.

The Alliance combines the best of British, American, and Australasian racing, creating a 24/7 global betting product for punters from the Cotswolds to Canberra. Want furlongs? Meters? Handicaps? Claiming races? Racing One has it all—except, perhaps, the charm that makes British racing unique.

It’s all part of ARC’s master plan: align with bookmakers, streamline the betting process, and rake in the cash. And who could blame them? It’s a lucrative market. But somewhere in the midst of this global ambition, the sport’s soul feels like it’s been sold to the highest bidder. Whose in control here ARC or RMG?

RMG: The £159 Million Elephant in the Room

If ARC is busy modernizing, RMG is quietly cashing in. Its turnover of £159 million last year begs a few questions—like how on earth you run a company with just £9 million in wages. What’s next, the horses mucking out their own stables to save on costs or another distribution to racecourses thats done under the cover of darkness?

The media rights business, which RMG dominates, was supposed to secure racing’s future. But instead, it feels like a magic trick—“look over here!”—while the real action happens offstage.

RMG is owned by the racecourses, meaning the same people profiting from TV rights are setting the terms for the sport. Imagine referees running the betting shop as well—it doesn’t exactly inspire trust, does it? Should the owners (sorry horsemen) and women not get sight of whats under financial bonnet? Transparency here has the hallmarks of Paul Daniels

Where Is the BHA? Probably Hiding Under the Table

The British Horseracing Authority (BHA) and Levy Board, the supposed guardians of the sport, have been suspiciously quiet. The BHA, you’d think, might raise a hand to ask how RMG’s massive turnover translates into tangible benefits for the sport. But no, silence.

Maybe they’re busy crafting another strategic review, (to be put on hold whilst they argue with the very same racecourses), or a glossy report that tells us what we already know: the power lies with the corporate players, not the owners, punters or the grassroots.

We need a regulator with a backbone, not one that’s constantly looking for the nearest chaise longue to faint on. Someone needs to follow the money—not just wave at it as it disappears over the horizon.

The Punters’ Perspective: Treated Like an Afterthought

For the punters, the people who keep the tills ringing, things look increasingly bleak. Affordable betting? Don’t make us laugh. Between affordability checks and stake restrictions, betting now feels like trying to withdraw cash from a bank that doesn’t trust you with your own money.

Meanwhile, safe punters—99% of the betting public—have no representation whatsoever. The Racing Post, once the voice of the fan, seems too busy cozying up to its corporate advertisers to bother with investigative journalism.

And let’s not forget the absurdity of AI-driven race reordering. Apparently, it helps bookmakers make more money. Wonderful. But who asked for this? Not the fans, that’s for sure. If it carries on, don’t be surprised if next year’s Grand National starts with a pre-race poll: “Would you like to watch the winner first or last?”

When You Dig, the Dirt Piles Up

The deeper you look, the more it feels like racing has become a massive game of “follow the money.” The problem is, the trail doesn’t lead to grassroots investment or better facilities. It leads to the bank accounts of a select few stakeholders, with RMG’s racecourses and ARC at the top of the pile, playing a hand of poker with a stacked deck of cards.

Transparency? Accountability? Forget it. The industry’s leaders talk a good game about innovation and modernisation, but the reality is a lot less inspiring. What’s being marketed as progress often feels more like a hustle—a shiny new betting product masquerading as the future of the sport.

Final Thoughts: Racing’s Future at a Crossroads

The Racing One Rights Alliance and RMG’s surging "profits" show where the priorities lie: global markets and bookmaker satisfaction. Meanwhile, punters, fans, and grassroots participants are left with the crumbs.

UK racing desperately needs a transparent regulator (50% racecourse owned) to follow the money and ensure it’s reinvested where it matters. Until then, we’re left asking: who’s really running the show, and what’s in it for the sport?

As it stands, British racing looks dodgier than a three-legged greyhound on a rainy night in Romford. It’s time for someone—anyone—to step up, pull back the curtain, and ensure that racing’s riches benefit everyone, not just the power brokers at the top. After all, this is supposed to be the sport of kings, not the sport of corporate kingspins.