Wednesday 17th July 2013

Stability In Financial Position Detailed in 2012/13 Levy Board Annual Report

The Horserace Betting Levy Board has released its Annual Report today, which includes the audited accounts for 2012/13.

In his Chairman’s Statement, Paul Lee comments upon:

• Stabilised income levels, which saw 2012/13 income reach £74.8m, compared to £74.9m the previous year.

• Efficient management of reserves, reflected by the strength of the current position with reserve levels at £42.3m, more than double the level of 2011.

• Reintroduction of loans to racecourses, a much valued and sought after facility.

• The positive and constructive relationship between Racing and Betting which led to the agreement of the 52nd Levy Scheme in advance of the 31st October deadline, for the first time in three years.

The Annual Report also notes a significant increase in prize money expenditure in calendar year 2013 to £50.2m, up by some 30% on 2012, with specifically targeted activity through the Quality Support Fund and initiatives such as Interactive Race Planning.

The Annual Report details the full range of HBLB’s work over the past year, including new initiatives arising from enhanced data analysis, overseen by the Board’s Betting Patterns Working Party (BPWP). Additional changes were made to the way in which the majority of the Board’s allocation to prize money was determined, developing an increasingly incentive-driven mechanism. A reflection of the Board’s keenness to consider longer term planning options with Racing and Betting was the introduction of a Business Plan, replacing the Board’s annual Policy Statement, which sets out priorities and specific initiatives for the year.

The Annual Report also notes that HBLB’s 2012/13 underlying administrative costs were lower than at any time in the past four years and are expected to fall further in 2013/14.