Horserace Betting Levy Board

The Horserace Betting Levy Board has today released its 2015/16 Annual Report, which includes the audited accounts for the year.

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

• The Board stands ready, in a challenging year ahead, to assist Government as it develops the successor arrangements to the Levy that are due to be in place for April 2017.
• The Board incurred a deficit of £8.1m in 2015/16, with its reserves at year end falling to £32.9m from £41.0m at the same point in 2015.
• The absence of a Minimum Guarantee from the four main retail bookmakers in the 55^th Levy Scheme period leads to greater uncertainty as to the income outlook for the year.
• On current estimates, the Board will incur a budget deficit of some £13m.

The Annual Report notes that Levy Board administrative costs were cut by 5% in 2015/16, with the organisation operating at its lowest cost – in both real and cash terms – in at least the last twenty years.

The report sets out the Board’s activity for the past twelve months as well as the full audited accounts.

The Board has also today published its Business Plan for 2016/17. This document recognises that Government’s replacement of the Levy system in April 2017 means that this is the final Business Plan that the Board will publish.

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