Horserace Betting Levy Board

The Horserace Betting Levy Board (HBLB) will increase its contribution to prize money by an estimated 23% for the first ten weeks of Racing’s fixtures when the sport resumes.

The main element of the funding is core prize money of £15.7m. This will constitute the substantial majority of prize money to be available in circumstances where racecourses’ ability to contribute will be severely limited.

In addition, HBLB has reconfirmed its funding for prize money schemes, with £1.8m due to be expended on Plus 10 and the Mare Owners’ Prize Scheme (NHMOPS) by the end of the year.

The total prize money offered by HBLB in the ten-week period, inclusive of Plus 10 and NHMOPS, is therefore estimated at £16.4m, which compares to the £13.3m that was forecast to be provided in HBLB’s original budget. This 23% increase reflects HBLB’s desire to provide reward for racehorse breeders, owners, trainers, jockeys and stable staff.

Racing will today issue details of the specific minimum prize money values for each Class of race that will apply when fixtures restart. HBLB has worked with the British Horseracing Authority and others to conclude a fair and reasonable structure that seeks to support as wide a base of races as possible, recognising that the total amount of prize money will be less than usual at the current time.

All of the major bookmakers on HBLB’s Betting Liaison Group have agreed to make available to HBLB confidential reports on race by race turnover and gross win on a weekly, rather than the usual monthly, basis. These reports will assist HBLB in determining its funding programme beyond the first ten weeks.

HBLB Chairman Paul Darling said: “We recognise the importance of providing over and above contributions to prize money when racing resumes and are pleased to have been able to meet Racing’s requests in full. Giving a commitment for ten weeks allows the sport to make detailed plans.

“However, while we start from a position of having enough cash reserves to meet these requests, our expenditure in this period will almost certainly exceed our income. HBLB is already expending over £2m a month in maintaining pre-existing grants to various areas, which will continue in addition to the prize money expenditure announced today.

 “I would like to thank all those bookmakers that have undertaken to restart their monthly payments on account to us in May. The knowledge that there will be a significant inflow of cash has given us greater assurance in agreeing to the additional sums for prize money. Our funding commitment in turn helps the betting industry as Racing can now put in place an appropriate race programme. We are also grateful to the bookmakers who have offered to provide us with weekly betting data.”
 

Notes:                                                                      

1. HBLB announced in April (https://www.hblb.org.uk/release/663 and https://www.hblb.org.uk/release/664) a working capital loan scheme (£7.5m, jointly funded with the Racing Foundation), advancing of raceday services grants (£6m) and the conversion in capital credits to cash (£6.5m), comprising a £20m cashflow package available to racecourses as part of £28m made available by HBLB and the Racing Foundation to provide cashflow and hardship support to racecourses and the sport’s human and equine participants.
2. 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