Thursday 30th July 2020
The Horserace Betting Levy Board (HBLB) has agreed a substantial increase in its prize money allocation for the rest of 2020, with its contribution from 1st September to 31st December set to rise by 50% on the originally allocated sum in this period.
HBLB has been spending around 25% more than usual on prize money since 1st June but for the four months from 1st September this will increase even further.
Racing’s current rate card for prize money, in place since June, will continue to apply until the end of August. HBLB’s previous commitment to funding that rate card until 9th August will be extended for the rest of that month at a cost of £4.7m.
Then, from 1st September to 31st December, with the return to what will be close to the originally scheduled fixture list, the rate card rates will increase and HBLB will contribute £26.6m over the four months, a 50% increase on the original allocation of £17.7m.
Of this sum, £24.4m will be paid as prize money with an additional £2.2m estimated for a reinstated Appearance Money Scheme, which makes payments down to 8th place for eligible races. This has been agreed as an important component of Racing’s efforts to retain owners at the grass roots levels for the rest of the year and beyond.
HBLB has also reconfirmed its previously announced funding for the Plus 10 scheme and the National Hunt Mare Owners’ Prize Scheme for the rest of the year, with funding of £950,000 from mid-August to the end of 2020, taking the total paid by HBLB to these schemes to £1.8m from 1st June to 31st December.
Overall, for the seven months since racing resumed on 1st June until 31st December, HBLB prize money expenditure is expected to be £49.4m, 42% more than the £34.9m paid in the same period in 2019. This reflects the priority that the Board has placed on this area of expenditure.
HBLB has been able to agree this funding package in large part due to the secure level of reserves that it has carefully sought to maintain, underpinned by the positive performance of betting since racing’s resumption.
HBLB Chairman Paul Darling said: “We are very pleased to have been able to agree another rise in our prize money allocation for the rest of 2020 at what we recognise as a crucial time for the sport. Racecourses continue to operate with the uncertainty as to when racegoers will be permitted to return in significant number. The knock-on reduction on their own contribution to prize money reinforces the importance of ours for owners and the sport’s participants. We intend that this substantial injection of funds will provide confidence and certainty.
“I would like to thank bookmakers generally, who have continued to provide us with timely payments on account, and in addition those operators who have shared with us weekly race by race betting data, allowing us to measure very quickly the performance of racing since resumption. This has been key in supporting our modelling and given us the ability to take decisive action.
“It must be emphasised, however, that our enhanced level of contribution to prize money cannot continue indefinitely. We are drawing significantly on reserves to make possible this exceptional level of support. We now urge Racing’s various parties to focus on developing a clear and sustainable position as regards prize money from early 2021, as we would anticipate our own contribution reverting to closer to its normal level at that time.”
Notes:
2. The following operators voluntarily provide race by race betting data to HBLB: Betfred; Bet365; Ladbrokes Coral; Paddy Power Betfair; Sky Bet; William Hill.
3. HBLB is a statutory body operating in accordance with the provisions of the Betting, Gaming and Lotteries Act 1963 (as amended). Its purpose is to assess and collect monetary contributions from bookmakers via a levy, which it distributes for the improvement of horseracing and breeds of horses, and for the advancement of veterinary science and education. Website www.hblb.org.uk Twitter: @LevyBoard
For further information please contact Alan Delmonte, HBLB Chief Executive, on 07931 701536
