Thursday October 25,2012 : UK HORSERACE BOARD SETTLES 52ND LEVY
Substantial rise in prize money made possible
The much debated and historically fraught UK Horserace Levy Scheme has been agreed between the Horserace Betting Levy Board and the Bookmakers Committee who estimate a yield from the April 2013 to March 2014 period of GBP 72.9 Million.
The estimation includes a voluntary contribution to British Racing, through the Levy Board, from online betting exchange Betfair estimated to be around the GBP 7 Million mark.
The terms of the 52nd Levy Scheme were agreed by the UK's three largest bookmakers – William Hill, Ladbrokes and Gala Coral – who have guaranteed their combined contribution to not less than GBP 45 million.
Levy Board Chairman Paul Lee said: “The Board is extremely pleased to have reached unanimous agreement. This will provide further stability and make possible significant additional expenditure on prize money in 2013. I would like to give recognition to Betting and Racing for the constructive approach that they have taken in seeking early resolution to the terms of the next Levy Scheme.”
Prize money allocations by the Horserace Betting Levy Board will next year exceed GBP 50 Million, a rise of 30 percent on 2012 and 45 percent on 2011 made possible by an increase in the Board's income, a decision to prioritise additional expenditure on prize money and the agreement of the terms of the 52nd Levy Scheme.