Some of the UK’s top charities are in line for a major cash boost after the country’s biggest betting operators agreed to donate all of their profits from a flagship horse race.

Betting and Gaming Council members Flutter (Paddy Power, Betfair, Sky Bet), bet365, Entain (Ladbrokes, Coral), William Hill, Kindred (Unibet), BetVictor, Betway, Rank Group (Grosvenor Sport), the Tote and Fitzdares have all signed up to the fundraising initiative.

They will hand over all profits they make from win and each-way bets, after levy and duties are deducted, on the big-field heritage handicap.

And if they do not make a profit on the race, the operators have agreed to make a donation to the charities.

It follows the success of last year’s Britannia Stakes fundraising drive, when £250,000 was raised for a range of good causes.

The BGC hopes the initiative will help punters enjoy a race where, even if they lose, charities are guaranteed to win.

Michael Dugher, chief executive of the BGC, said: “I am absolutely delighted that the BGC’s largest members are once again leading this fantastic initiative, which will raise vital funds for some of the country’s top charities.

“Racing is a sport that has the power to bring people together and Royal Ascot is one of the great highlights of the calendar. Millions of people enjoy a flutter and I’m proud that betting companies will donate their profits from one of Royal Ascot’s top races to go towards some brilliant causes that will help so many people from across the country.”