Wednesday 15th July 2009
Levy Yield Falls By 8%
The Horserace Betting Levy Board has released its annual report today, which includes the audited accounts for 2008/09.
The report highlights some significant successes over the past year including:
• The agreements to the roll-over of 10% of gross profits for the 48th Levy Scheme (2009/10) and the 49th Levy Scheme (2010/11).
• A revised process for negotiations between Racing’s Representatives and the Bookmakers’ Committee, including Racing starting the process by presenting their proposals for any future Levy Scheme.
• The re-establishment of the Betting Patterns Working Party, with representatives from the betting and racing industries, to make recommendations on how to improve Levy yield and consider joint initiatives.
• Contributing £1m in 2010, 2011 and 2012 for the production costs of Channel 4 coverage.
• The completion of an internal reorganization and move.
However, in line with many other indicators, the Levy yield fell from £115.3m in the 46th Levy Scheme (2007/08) to £91.6m in the 47th Levy Scheme (2008/09).
Robert Hughes, Chairman of the Horserace Betting Levy Board, said:
“Discounting the well-publicized high rollers in the 46th Levy Scheme, the Levy yield has fallen by 8% year on year, which is disappointing. The Levy Board is now actively pursuing initiatives to reverse this decline.
After 11 years in the Chair, my final year has however marked some significant improvements, not least the improved relationship between Racing’s Representatives and the Bookmakers’ Committee, which has resulted in agreement on a further roll over of 10% of gross profits for the Levy Schemes up to April 2011 and the opportunity to work together on a series of initiatives. I am very grateful to my colleagues on the Levy Board for their cooperation.”