Thursday 17th July 2014

Enhanced Income, Focus on Prize Money and Agreements Between Racing and Betting Reflected in Levy Board Annual Report

The Horserace Betting Levy Board has today released its 2013/14 Annual Report, which includes the audited accounts for the year.

Paul Lee, in his Chairman’s Statement, notes that:

• Income in 2013/14 was up 5% at £78.5m, compared to £74.8m the previous year.
• Expenditure in calendar year 2014 is budgeted at £82.0m, up 7% on 2013’s £76.3m.
• Of this, the prize money budget is £56.4m, up 13% on 2013’s £50.0m.
• Reserves reached £45m at the end of 2013/14, approaching triple the level of the low point in 2011.
• A four-year agreement was reached between major retail bookmakers and Racing with the Levy Board’s facilitation in October 2013, the same month in which the 53rd Levy Scheme was agreed.
• He welcomed Government’s announcement that it would consult on an extension of the Levy to encompass betting income generated offshore.

The Annual Report sets out details of activity over the past year and includes reference to the Board’s increased allocations in 2014 to veterinary science and education; racing’s recruitment, training and education programmes; and to the British Owners and Breeders’ Incentive Scheme (BOBIS).

It is also noted that underlying administrative costs are 30% lower in real terms than six years ago, falling again in 2013/14 following the Board’s relocation to more cost-effective accommodation.

The Annual Report sets out the revised method of determining each racecourse’s share of the Board’s largest prize money allocation, the General Prize Fund. This new system is designed to give a further incentive to racecourses to invest into prize money, in particular by rewarding prospective, rather than past, contributions.

There is also reference in the document to various other initiatives on which work was undertaken, including continued co-operative projects with Racing and Betting.

For further information please contact Alan Delmonte, Levy Board Chief Executive, on 020 7333 0043.