Rich Ricci warns betting regulation changes could ‘kill’ racing
By Racing TV
Last Updated: Fri 16 Oct 2026
Leading owner Rich Ricci has warned that changes to betting regulations could “kill” the racing industry.
Ricci, a former senior Barclays banker, has enjoyed huge success with horses trained by Willie Mullins, including reigning Gold Cup hero Gaelic Warrior, plus the likes of Faugheen, Vautour, Annie Power, Lossiemouth and Douvan.
Speaking at the Cheltenham Literature Festival, Ricci said the introduction of affordability checks risked the future of the horse racing industry.
Estimates from the Betting and Gaming Council recently stated that as many as 120,000 people could be asked to provide documents to prove their identity if they are brought in.
The British Horseracing Authority previously warned of the “severe financial implications” to the industry after the Gambling Commission confirmed Financial Risk Assessments would be implemented.
“I think it’s a challenge, I think it’s a real challenge,” Ricci said.
“I’ve spent a lot of time in Australia and around the world with racing, the welfare rights, the obsession with gambling.
“And by the way, I think we all agree that problem gamblers need to be treated and dealt with appropriately. But not at the expense of killing our game or our high street.
“It is a challenge and the Irish model works, but it will never go through in this country.
“And if you’re going to have separate bookmakers, you look at the most successful sort of racing environments, communities in the world, they are all where there’s a tote, government-backed, there’s not individual bookmakers.
“America, there is in Australia with a tote – it’s a model that works. It’s just interesting and it worries me, I am worried, but I’ll continue to be a part as long as I can.
“Gambling on horse racing is so much misunderstood.”
Ricci was speaking at a panel event at the festival alongside leading figures in the horse racing industry to discuss a new book, Champion Of Champions: A Century Of Champion Hurdle Heroes, by Chris Pitt.
Former 20-time champion jump jockey Sir Anthony McCoy said he could not understand why sports betting faced increased regulations while the National Lottery did not.
“How can you have a National Lottery that you have no chance, no opinion on, but you can have an opinion on horses where you have a chance of winning?” McCoy said.
“So, if you are going to get rid of gambling, the lottery shouldn’t happen.
“That’s only my opinion, only because I don’t actually gamble on horses, but I do the National Lottery.
“I’ve never gambled, it’s something you don’t have an opinion on. So, when you’re gambling on horses, you have an opinion.”
The first stage of the risk assessments implementation will see the checks carried out by the largest operators when a £5,000 net deposit in a rolling 24-hour period is met.
Once fully implemented, the assessments will be applied to customers aged 25 years or older with net deposits exceeding £1,000 in a rolling 24-hour period, or £3,000 over a rolling 90-day period.
For under-25s, these thresholds will be reduced to £750 in a rolling 24 hours or £2,000 in a rolling 90 days.
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