Leading bloodstock figures warn of downturn in ownership through impact of affordability checks

The damage being inflicted on racing through loss of ownership linked to the impact of affordability checks has the potential to be as significant as any reduction in income from a drop in betting, senior bloodstock figures have predicted.

Owner-breeder Julian Richmond-Watson, who recently departed his role as chairman of the Thoroughbred Breeders' Association (TBA), and bloodstock agent Charlie Gordon-Watson, whose purchases include 2003 Derby winner Kris Kin, both pointed to a cooling of interest from owners as the consultation into the government's gambling white paper continues.

The Gambling Commission consultation on proposals contained in the government's gambling review white paper closes on Wednesday.

Julian Richmond-Watson: concerned how affordability checks are impacting ownersCredit: Sarah Farnsworth

Among the proposals being considered are requirements for bookmakers to carry out checks on customers who lose as little as £125 in 30 days or £500 in a year. A second tier of enhanced checks would take place for punters with net losses of £1,000 in 24 hours or £2,000 in 90 days.

This week, racing's leaders wrote to culture secretary Lucy Frazer to spell out how the sport risked losing £250 million from its finances over the next five years as a result of the affordability checks.

Richmond-Watson, who owned 2008 Oaks winner Look Here and had headed the TBA for eight years, said owners were being put off by the increasing difficulty of betting on their horses.

Look Here on her way to victory in the Oaks in 2008 for Julian Richmond-WatsonCredit: Edward Whitaker

He said: "There are a lot of people who come into racing as owners as they enjoy having a horse in a yard where they can get a bit of information and make use of that. If you are deterring them then that is going to take away a lot of the incentive for people to get involved in ownership and, believe me, that will be just as damaging as the loss of income from betting.

"I know three owners, who I speak with regularly, who have said their involvement is not as much fun as it used to be as they cannot have a serious bet. I don't know who they bet with or what levels it is at, but without that ability to bet in the way they want to because of these checks they are not having as much fun and that's troubling. That's disappointing and that brings it home for me."

Richmond-Watson has been a key player in racing's approach to the coronavirus pandemic and Brexit, and said he felt the sport had been sending a strong message to government about the issues being created by affordability checks.

However, he added: "I'm not sure how we can really get through to the government – or whether it is them who really matter. From what I can tell, it's more to do with the Gambling Commission and they have been rather arrogant about the whole process."

The reticence of people to invest in racing has been experienced by Gordon-Watson, who echoed the concerns about the deeper impact the checks were having on the sport.

"I'm finding already that the ongoing uncertainty is disincentivising people from having horses in training," he said. "Prize-money will suffer and if that is so, owners will suffer and disappear from the game. If owners can't have a bet on their horses they will miss out on the fun of it. It's disastrous."

To complete the Gambling Commission's consultation on affordability checks, visit racingpost.com/consultation and follow the instructions.

The Racing Post also wants to hear from you: What has been your experience of affordability checks since the white paper was published at the end of April, and what do you think of the government's proposals? Have affordability checks affected your betting behaviour?

It's a chance for your voice to be heard. Email the Racing Post at editor@racingpost.com with the subject 'Affordability checks' to share your experiences, your thoughts about the government's proposals, and your contact details.

Read these next:

Racing warned of 'watershed' moment over affordability checks as leaders back warning of £250m black hole 

British racing set for £250m hit over five years because of affordability checks, warn leading industry figures 

'That's none of their business - are they trying to insinuate I'm not mentally capable of placing a bet?' 

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