Update: BGC members raised a profit of £250,000 ($310,675) from bets placed on the Britannia Stakes Race at Royal Ascot. The sum will be donated to charities in the UK.
Proceeds to go to cancer, COVID-19 charities
The Betting and Gaming Council (BGC) has announced that its members, including major operators Betway, Ladbrokes Coral, and Kindred Group, have agreed to donate all profits from the Royal Ascot’s flagship horse race, the Britannia Stakes, to charity.
The race takes place on Gold Cup Day on Thursday, June 18, which is considered to be the highest wagering day. According to the BGC, all profits raised from its members on both win and each-way bets will be directed towards COVID-19 and cancer charities.
The charities include Prostate Cancer UK, The Care Workers Charity, Marie Curie, and the Berkshire Community Foundation Coronavirus Fund.
Continued success of Virtual Grand National
The decision to organize a charitable donation comes after the success of the Virtual Grand National race in April, which raised £2.6m ($3.26m) for NHS charities. BGC members donated their profits to the cause after all levies and duties were deducted.
BGC chief “delighted”
Michael Dugher, chief executive of the BGC, said: “Royal Ascot is the premier highlight of the racing calendar, and it’s fitting that the profits betting companies make from one of its greatest races will go towards some fantastic causes.”
He added that this announcement meant that “the betting and gaming industry has stepped up to the plate to help the national effort.” Dugher was “delighted” that members were able to show support for those on the front line through the initiative.
£100m in funding just announced
The BGC also revealed on Monday morning another high-profile donation of £100m ($125.4m) to UK charity GambleAware. The sum has been pledged by the council’s five largest members: bet365, GVC Holdings, Paddy Power Betfair, Sky Bet, and William Hill.
sum has been pledged by the council’s five largest members
The funds raised will be spent on improving treatment and services for those with gambling problems in the UK.
The move was publicly welcomed by Health Secretary Matt Hancock, who announced that the NHS would continue to roll out specialist gambling services.
Betting and gambling operators in the UK have pledged to continue their funding efforts into research, education, and treatment services. BGC members aim to donate 1% of gross gaming revenue (GGR) to these causes by 2023.