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Horseracing - UK - December 2012

“Although attendances will slip back in 2012 and football continues to outperform it in the betting market, horseracing stands on the threshold of potentially another key period of its development not just as a spectator sport but as a player in the wider leisure market.

A new television deal putting all terrestrial coverage on Channel 4 creates an opportunity to develop a structured season viewers will find easier and more compelling to follow. Racecourses are able to build on earlier rounds of major capital investment with smaller-scale projects that enhance the experience of spectators, and successful central marketing initiatives are set to roll out more widely.

Threats to growth remain, however, in the fragile nature of the sport’s relations with the betting industry and its need to develop a broader range of products and platforms to attract the younger leisure pound.”

– David Walmsley, Senior Leisure Analyst

Some questions answered in this report include:

  • Is 2012’s anticipated decline in racing attendances a blip or a trend?
  • How can horseracing stem its long-term decline in the betting market?
  • Will the absence of racing on BBC television damage the sport?
  • How can racecourse facilities develop in a difficult investment climate?
  • How can the sport attract new, younger audiences?

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Table of contents

  1. Introduction

      • Definition
        • Abbreviations
        • Executive Summary

            • The market
              • Figure 1: Consumer expenditure on horseracing, 2007-17
            • Poor form in the betting market downgrades racing’s rating
              • Market drivers
                • Changing channels offers a chance to tell a story with more chapters
                  • Investment focus switches from quantity to quality
                    • Market segmentation
                      • Figure 2: Consumer expenditure on horseracing, by segment, 2012 (est)
                    • Racing ready to play football at its own game?
                      • Volume the driver of value in rising racecourse segment
                        • The consumer
                          • Figure 3: Interest in horseracing, October 2012
                        • Televised racing a turn-off for attendance among the young
                          • Economic aid required to get cash-strapped racegoers back on track
                            • Figure 4: Attitudes towards betting on horseracing, October 2012
                          • Grey market a potential new favourite for bookmakers
                            • What we think
                            • Issues in the Market

                                • Is 2012’s anticipated decline in racing attendances a blip or a trend?
                                  • How can horseracing stem its long-term decline in the betting market?
                                    • Will the absence of racing on BBC television damage the sport?
                                      • How can racecourse facilities develop in a difficult investment climate?
                                        • How can the sport attract new, younger audiences?
                                        • Trend Application

                                            • Trend: Access All Areas
                                              • Trend: Creature Comforts
                                                • 2015: East Meets West
                                                • Market Drivers

                                                  • Key points
                                                    • Regular interest betting-led
                                                      • Figure 5: Interest in horseracing, 2008-12
                                                    • Two courses closing their doors
                                                      • Figure 6: Number of racecourses, 2008-13
                                                    • Fixture list makes racing easy to find but hard to follow
                                                      • Figure 7: Horseracing fixtures, by type, 2008-12
                                                    • More betting shops – but fewer windows for racing
                                                      • Figure 8: UK licensed betting shop numbers, 2009-12
                                                    • Racing becomes a Channel 4 exclusive
                                                      • Figure 9: Television coverage of horseracing, 2007-11
                                                      • Figure 10: Grand National television audiences, 2008-12
                                                    • Technology not yet amplifying racing’s message
                                                      • Figure 11: Racing Post print circulation and website traffic, 2010-12
                                                    • Racing proves a stayer in heavy going
                                                      • Figure 12: GFK NOP Consumer Confidence Index, January 1988-August 2012
                                                    • Investment focus moves from quantity to quality
                                                      • Figure 13: Top 10 racecourse attendances, 2011
                                                    • Levy income stablises
                                                      • Figure 14: Horserace Betting Levy Board income, 2007/08-2013/14*
                                                    • Unpredictable weather keeps racing at risk
                                                      • Figure 15: UK weather trends, 2007-11
                                                    • Grand National fatalities keep horse welfare in the headlines
                                                      • Figure 16: Racecourse fatalities, 2008-12*
                                                  • Who’s Innovating

                                                    • Key points
                                                      • Seeing horseracing in a new dimension
                                                        • A sporting theatre
                                                          • A new type of racing connection
                                                            • Courses turn bookies
                                                              • All the information at racegoers’ fingertips
                                                              • Market Size and Forecast

                                                                • Key points
                                                                  • Betting slowdown behind consumer spending cuts
                                                                    • Figure 17: Consumer expenditure on horseracing, 2007-17
                                                                  • Attendances back above six million
                                                                    • Figure 18: Horseracing attendances, by type of meeting, 2010-11
                                                                  • Forecast
                                                                    • Figure 19: Forecast of consumer expenditure on horseracing, 2007-17
                                                                  • Forecast methodology
                                                                  • Segment Performance

                                                                    • Key points
                                                                      • Big occasions needed to slow betting’s slide
                                                                        • Figure 20: Consumer expenditure on horseracing, by segment, 2008-12
                                                                      • Weather darkens outlook for ticket receipts
                                                                        • Capital investment creates conditions for catering growth
                                                                        • Market Share

                                                                          • Key points
                                                                            • Jockey Club crowds out rivals
                                                                              • Figure 21: Percentage share of attendances of leading racecourse operators, 2011
                                                                          • Companies and Products

                                                                            • Key points
                                                                              • Attendances and media rights raise racecourse revenues
                                                                                • Figure 22: Turnover and attendances of leading racecourse operators, 2010-11
                                                                              • Jockey Club Racecourses
                                                                                  • Figure 23: Key performance indicators, Jockey Club Racecourses, 2010-11
                                                                                • Arena Racing Company
                                                                                    • Figure 24: Key performance indicators, Arena Leisure Plc, 2010-11
                                                                                  • Ascot Racecourse
                                                                                      • Figure 25: Key performance indicators, Ascot Racecourse Ltd, 2010-11
                                                                                      • Figure 26: Ascot Racecourse total prize fund, 2011-12
                                                                                    • York Racecourse
                                                                                      • Figure 27: Financial performance of York Racecourse Knavesmire LLP, 2010-11
                                                                                    • Chester Race Company
                                                                                      • Figure 28: Key performance indicators, Chester Race Company Limited, 2010-11
                                                                                    • Goodwood Racecourse
                                                                                        • Figure 29: Financial performance of Goodwood Racecourse Limited, 2009-10
                                                                                    • Brand Communication and Promotion

                                                                                      • Key points
                                                                                        • Racecourses ramp up adspend
                                                                                          • Figure 30: Leading racecourse advertisers, 2009-12
                                                                                        • Traditional routes to traditional audiences
                                                                                          • Figure 31: Racecourses’ advertising expenditure, by media type, 2009-12
                                                                                        • Central marketing delivers change for racing
                                                                                          • Frankel factor easy to market
                                                                                          • Interest in Horseracing

                                                                                            • Key points
                                                                                              • TV transfer to build more regular audiences?
                                                                                                • Figure 32: Interest in horseracing, October 2012
                                                                                              • Young failing to transfer from TV viewing to the track
                                                                                                • Figure 33: Interest in horseracing, by age, October 2012
                                                                                              • Cash betting outlets required in the living room
                                                                                                • Figure 34: Betting on horseracing, by gender, October 2012
                                                                                            • Horseracing Habits

                                                                                              • Key points
                                                                                                • TV technology can hold women’s hands on-course
                                                                                                  • Figure 35: Current interest in horseracing, October 2012
                                                                                                • Economic climate keeps potential racegoers on the sofa
                                                                                                  • Figure 36: Current viewing of televised horseracing v racecourse attendance, by gross household income, October 2012
                                                                                                • Betting shops keep less affluent on the scene
                                                                                                  • Figure 37: Current betting on horseracing in a betting shop, by ACORN group, October 2012
                                                                                              • Attitudes Towards Watching Horseracing

                                                                                                • Key points
                                                                                                  • Family outings close in on social gatherings
                                                                                                    • Figure 38: Attitudes towards watching live horseracing, October 2012
                                                                                                  • Can the family that races together, eat together too?
                                                                                                    • Figure 39: Interest in dining at a racecourse restaurant and in post-racing entertainment, October 2012
                                                                                                  • Breaking the glass to reach television’s window shoppers
                                                                                                    • Figure 40: Interest in attending horseracing after watching a big race on TV, by socio-economic group, October 2012
                                                                                                • Attitudes Towards Betting on Horseracing

                                                                                                  • Key points
                                                                                                    • Turning televised racing into a social betting occasion
                                                                                                      • Figure 41: Attitudes towards betting on horseracing, October 2012
                                                                                                    • Spectators find more to do at the course than just bet
                                                                                                      • Figure 42: Agreement with the statement ‘I can enjoy a day at the races without having a bet’, by current interest in racing, October 2012
                                                                                                    • Bookmakers ready to back the grey?
                                                                                                      • Figure 43: Preference for betting on racing over betting on other sports, by age, October 2012
                                                                                                  • Appendix – Market Size and Forecast

                                                                                                      • Figure 44: Forecast of consumer expenditure on horseracing, 2012-17
                                                                                                  • Appendix – Interest in Horseracing

                                                                                                      • Figure 45: Interest in horseracing, by demographics, October 2012
                                                                                                  • Appendix – Horseracing Habits

                                                                                                      • Figure 46: Most popular current interest in horseracing, by demographics, October 2012
                                                                                                      • Figure 47: Next most popular current interest in horseracing, by demographics, October 2012
                                                                                                  • Appendix – Attitudes Towards Watching Horseracing

                                                                                                      • Figure 48: Most popular attitudes towards watching live horseracing, by demographics, October 2012
                                                                                                      • Figure 49: Next most popular attitudes towards watching live horseracing, by demographics, October 2012
                                                                                                      • Figure 50: Attitudes towards watching live horseracing, by most popular attitudes towards watching live horseracing, October 2012
                                                                                                      • Figure 51: Attitudes towards watching live horseracing, by next most popular attitudes towards watching live horseracing, October 2012
                                                                                                      • Figure 52: Attitudes towards watching live horseracing, by interest in horseracing, October 2012
                                                                                                      • Figure 53: Attitudes towards watching live horseracing, by most popular current interest in horseracing, October 2012
                                                                                                      • Figure 54: Attitudes towards watching live horseracing, by next most popular current interest in horseracing, October 2012
                                                                                                      • Figure 55: Attitudes towards watching live horseracing, by past interest in horseracing, October 2012
                                                                                                  • Appendix – Attitudes Towards Betting on Horseracing

                                                                                                      • Figure 56: Attitudes towards betting on horseracing, by demographics, October 2012
                                                                                                      • Figure 57: Attitudes towards betting on horseracing, by attitudes towards betting on horseracing, October 2012
                                                                                                      • Figure 58: Attitudes towards betting on horseracing, by interest in horseracing, October 2012
                                                                                                      • Figure 59: Attitudes towards betting on horseracing, by current interest in horseracing, October 2012
                                                                                                      • Figure 60: Attitudes towards betting on horseracing, by past interest in horseracing, October 2012

                                                                                                  Companies Covered

                                                                                                  • Arena Leisure
                                                                                                  • Ascot Authority
                                                                                                  • Betfred.com
                                                                                                  • Cheltenham Racecourse
                                                                                                  • Goodwood Estate Co. Ltd
                                                                                                  • Jockey Club Racecourses
                                                                                                  • Northern Racing Limited

                                                                                                  Horseracing - UK - December 2012

                                                                                                  £1,995.00 (Excl.Tax)