Horserace Betting Levy Board

Levy income to the Horserace Betting Levy Board (HBLB) for the year ended 31st March 2022 is expected to be around £97m, based on the receipt of provisional submissions to date from the majority of Levy-paying bookmakers.

HBLB had said, in its most recent published update in December 2021, that within its full year forecast range the £96m to £100m band was at that time considered the likeliest outcome. Since then, the Board had noted reports of a below-par early start to 2022 before a stronger end to the Levy year.

The £97m yield is an increase on the £82m in 2020/21 when no racing took place for the first two months of the Levy year. The 2019/20 yield was some £98m.

HBLB Chairman Paul Darling commented: “This is a very welcome figure, which reflects that betting on British racing has continued to be resilient as it has been since the resumption of racing in June 2020.

“We expect to be contributing over £70m in prize money in 2022, compared to around £60m in a normal pre-Covid year. We said when announcing this last year that it would be very difficult to maintain this into 2023 and this remains the case. First, a contribution of this level continued to draw on our reserves, which is not a sustainable longer term position, and secondly it included some of the proceeds of a £21.5m loan from Government. The first loan repayment instalment must be made in 2023 and repayment continues each year until 2030.

“However, the Board will now be able to plan for 2023 with additional certainty and optimism in the light of receipts for the past year. We will look to provide an indicative prize money allocation after our June Board meeting at which we will also consider other potential major calls on expenditure next year.

“I would like to thank bookmakers for their timely submission of end-of-year declarations. Particular thanks go to the major bookmakers who have provided valuable information to us through the year which has helped us with accurate forecasting.”

Notes:

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 assurance and processing by HBLB on receipt of an independent accountant’s certificate.

Levy yields in recent years, since the reform of the Levy collection remit in 2017, have been:

2020/21 £82m (no racing took place in the first two months of the Levy year)

2019/20 £98m

2018/19 £83m

2017/18 £95m

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