Tuesday 13th September 2011
The Horserace Betting Levy Board has released its Annual Report today, which includes the audited accounts for 2010/11.
In his Chairman’s Statement, Paul Lee draws attention to:
• The Board’s sensible and prudent response to a challenging year when Levy income fell significantly
• The Board’s commitment to setting a balanced budget in the current year
• The Board’s continuing support for Government’s intention to address off-shore betting issues, given that the current structure is not a level playing field for on-shore operators and that a Levy contribution from those off-shore would “transform” Levy yield
• The detailed and lengthy consideration of matters raised in HBLB’s betting exchanges consultation
• The process and outcome of the 50th Levy Scheme Determination
• HBLB’s continuing reduction of its own underlying operating costs
The Annual Report also draws attention to various HBLB areas of work over the past year, including the introduction of more responsive methods of distributing prize money to racecourses, which aim further to reward performance and incentivise investment in the racing programme. In total, HBLB provided £77.2m towards the improvement of horseracing during the 2010/11 financial year and, for its other statutory functions, allocated £1m for veterinary science and education and £1.2m to support the improvement of breeds of horses.
On the income side, HBLB’s accounts show that total Levy yield for the 49th Levy Scheme (2010/11) was £59.5m, a fall from £75.4m for the 48th Levy Scheme, which was itself a reduction on the 47th Levy Scheme’s yield of £90.6m. The Chief Executive’s Statement within the Annual Report sets out some of the possible reasons for the decline.