Major Contribution to Prize Money Maintained in Time of Uncertainty
The Horserace Betting Levy Board has today released its 2014/15 Annual Report, which includes the audited accounts for the year.
Paul Lee, in his Chairman’s Statement, notes that:
- The Board was able to make continued significant investment in a range of areas, including prize money, with calendar year 2015 forecast to see the highest contribution by the Board since 2009
- Total income fell by £6m in 2014/15 compared to 2013/14, prompting a deficit of £4m in the year
- Reserves at the end of the year stood at £41m, down from £45m at the end of the previous period
- Expenditure in calendar year 2016 is anticipated to fall by £4m on 2015
- Betfair and Bet365 made welcome payments outside the formal Levy Scheme, as did the four biggest retail bookmakers – William Hill, Ladbrokes, Coral and Betfred – in the form of Additional Voluntary Contributions
- In the context of Government’s decision to introduce the Horserace Betting Right, his Statement of as early as 2011 had enthusiastically supported Government’s aim that Levy should be payable on offshore betting revenue
- The Board will continue to offer an independent source of advice to Government, Racing and Betting
The Annual Report also notes that the costs of operating the organisation were the lowest, in both real and nominal terms, for at least the last 20 years.
The Annual Report sets out details of past activity and future strategy. It also includes reference to the Board’s significant grants to veterinary research and to Racing’s recruitment, training and education including assistance to the establishment of the first Thoroughbred Horseracing Industries MBA course, due to commence at the University of Liverpool in autumn 2015.