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UK Industry Plans To Treble Investment
The British horse racing industry wants to treble international investment in the sport with plans to attract tens of millions of pounds worth of overseas funding per year, reports telegraph.co.uk. Steve Harman, chairman of the British Horseracing Authority (BHA), said that British horse racing is renowned worldwide and, as the second most popular spectator sport in the UK, has the potential to attract massive investment. Mr Harman said investors from China, Russia, the Middle East and Japan were all interested in funding the sport. "Britain overall has been attracting more foreign investment because people have enjoyed the jubilee, the Olympics, they like the pound, they love Britain." he said. "Those investors are starting to invest in sport." He added, "We're doing a lot of work with government to emphasise the size of this sport and how critical it is in relation to jobs and the economy." The BHA, together with the Racecourse Owners Association, the Horsemen's group and the sport promoter Great British Racing, plan to expand the industry through work with bookmakers, breeders and customer data. There are 11 million people who bet on horse racing per year and the BHA plans to work with bookmakers to make the racing bets more accessible. "The betting market has expanded but the racing part of it has reduced, so we need to improve innovation in racing betting and make it sexier, more innovative", said Mr Harman.