Wednesday 24th October 2012
Levy Board Allocates Over £50m to Prize Money in Potentially Record Breaking 2013
Prize money allocations by the Horserace Betting Levy Board will next year exceed £50m, a rise of some 30% on 2012 and some 45% on 2011.
With the Board’s commitment over £10m higher than in 2012, and with racecourse media rights income set to increase by a similar sum next year, there is a real prospect of record prize money to beat the £110m total of 2009.
The Board’s significant increase is a result of its own enhanced income, a decision to prioritise additional expenditure on prize money and the agreement of the terms of the 52nd Levy Scheme, which commences in April 2013.
The Board’s allocation, expected to be some £50.2m, compares to £38.9m in 2012 and £34.8m in 2011, inclusive of contributions to breeders’ prizes.
Levy Board Chairman Paul Lee said:
“Increasing prize money is an objective of the Board in 2013 and we are delighted to announce this substantial rise. We believe that it will be warmly welcomed.
“Importantly, we are able to make this increase without changing the measured approach which we have taken with all expenditure decisions over the past three years. Because we have been prudent, we can now increase our contribution on a sound and responsible basis.
“On the basis that racecourses continue to make their own much increased contributions, there is a real prospect of 2013 providing record levels of prize money.”
Further details will now be agreed between Levy Board, Racing and Betting executives and published thereafter, but it can be expected that the Board’s contribution to Basic Daily Rates, the major prize money heading, will be around £35m, up £8m on 2012.
Contributions will also increase in 2013 in other key areas such as Veterinary Science and Education.