Friday 21st May 2021
The Horserace Betting Levy Board (HBLB) has agreed its allocation towards the funding of Racing’s fixture list for July and August 2021, continuing its provision of significantly higher prize money than usual.
This follows a joint proposal submitted by Racing organisations (BHA, Horsemen’s Group and RCA), which requested this support in order to protect existing prize money levels for the remainder of Programme Book 2, which runs from 1 May to 31 August.
In February, the Board agreed funding for May and June for Racing’s prize money rate card at 80% of the per-race value that had been in place for January to April 2021. This 80% of rate card contribution will be maintained, providing consistent funding across the whole of Programme Book 2. Added to racecourse contributions and owners’ entry fees, this will ensure that all race classes can continue to be run for at least their minimum prize money values at pre-Covid levels in this four-month period.
HBLB’s contribution via the rate card in July and August will total £13.1m, 40% more than the £9.3m allocated to comparable prize money funds in a typical July and August.
In total, HBLB has allocated £19.1m for 1 July to 31 August 2021. This comprises £15.5m for prize money and £3.6m in regulatory grants. In addition to the £13.1m via the rate card will be estimated contributions to the Appearance Money Scheme (£1.3m), Divided Races Fund (£0.125m) and the Great British Bonus (£0.9m).
HBLB will also continue with funding specific additional regulatory costs associated with ensuring the sport’s compliance with staging fixtures under current Covid-related protocols.
The Board agreed this contribution taking into account the 2020/21 Levy yield, which is expected to be slightly above £80 million, and reports of betting performance, especially now that Licensed Betting Offices (LBOs) have re-opened. HBLB will consider its funding for September onwards in due course, a decision which will also take into account the return of crowds to race meetings.
Alan Delmonte, Chief Executive of HBLB, said: “The Board held off consideration of July and August expenditure decisions until 2020/21 Levy yield was clearer. As this looks like being slightly above £80 million, we are pleased to be able to maintain a 40% higher than usual contribution to prize money in July and August, as well as grants towards additional regulatory costs.”
For further information, please contact HBLB Chief Executive Alan Delmonte on 07931 701536