Horserace Betting Levy Board

Levy income for the year ended 31st March 2021 will be around £80m, on the basis of provisional submissions to date from most Levy-paying bookmakers, including all of the largest operators.

This likely outturn is at the midpoint of the Horserace Betting Levy Board’s (HBLB) most recent estimated range of £76m to £85m, which was updated regularly through the year following its own analysis and from information provided voluntarily by major bookmakers.

HBLB Chairman Paul Darling commented: “There was no British racing for the first two months of the Levy year and it was far from certain when racing resumed in June 2020 as to what the level of betting activity would be in the months that followed. We have also seen Licensed Betting Offices either closed completely for parts of the year or open with restrictions.

“Since June, we have attempted to balance on the one hand our desire to commit substantial extra support for the sport from our reserves with, on the other hand, the uncertainty around our own ongoing future income.

“We spent £96m in the past Levy year, providing around 50% more to prize money than normal in recent months, as well as £3m towards costs of new regulatory measures to ensure that the sport can take place in accordance with Covid-19 protocols. It is to the credit of all those involved that fixtures have taken place without interruption since June.

“On the basis of £80m income, our reserves at the end of the 2020/21 Levy year stood at just over £40m. This will give us the flexibility to consider further significant investment in the months ahead, as the Board has had in mind the importance of having sufficient resources for the recovery phase from Covid-19.”

For further information, please contact HBLB Chief Executive Alan Delmonte on 07931 701536
 

Notes:

1. The indicative yield is based on returns received to date from bookmakers, which includes the submissions from the largest operators, and an assumption around the returns that are yet to be received. Each return will be subject to final processing by HBLB on receipt of an independent accountant’s certificate.
2. The Levy yield in 2019/20 was £98m, in 2018/19 £83m and in 2017/18 £95m.