The Horserace Betting Levy Board’s (HBLB) 2018/19 Annual Report has been published today.
In his Chairman’s Statement, Paul Lee – whose ten and a half year term ended on 31st March 2020 - notes that:
- Following Government’s decision not to proceed with HBLB’s abolition, Government continues to work with HBLB and the wider industry to maximise the benefit of changes made to the Levy in 2017, primarily the capture of Levy income from bets placed by British-based customers with bookmakers outside Britain.
- Levy income for the year was provisionally announced as £78m but later adjusted in early 2020 to £83m, following agreement between HBLB and certain betting operators as to the treatment for Levy purposes of a particular type of promotional bet offer.
- The resolution of that matter makes possible the publication of accounts in 2020 that accurately reflect the final 2018/19 end of year financial position.
- Reserves stood at £48m at March 2019.
- Despite the fall in Levy income compared to 2017/18, HBLB was able to increase its contributions in a range of areas, including prize money.
- HBLB introduced a payment towards the installation of sectional timing and tracking systems at racing fixtures.
- HBLB embarked on a substantial betting data project and took responsibility for the new Betting Liaison Group comprising a mixture of senior betting and racing representatives.
The Report describes the Board’s activity for that financial year and includes the audited accounts for that period.
For further information, please contact Alan Delmonte, Levy Board Chief Executive, on 07931 701536
