From BBC
Horse racing was still worth £3.45bn to the UK economy in 2012 despite falling gambling revenues, a report has found.
The report by the British Horseracing Authority (BHA) and Deloitte blamed the rise in online betting through sites based abroad for revenues falls.
Web-based bookmakers do not pay a 10.75% levy to the industry, unlike physical betting shops.
But the report said increases in revenues from television rights had partially offset the losses.
When inflation is taken into account, horse racing was worth just 1.4% less to the UK economy than it was in 2008 – the last time the report was compiled.
The increase in online betting platforms has also hit revenues by allowing customers to compare odds more easily.
Over the same period, revenues from media rights have increased from £104m in 2008 to £173m in 2012.
