Horserace Betting Levy Board

Levy income to the Horserace Betting Levy Board (HBLB) for the year ended 31 March 2026 is projected to be around £110m. If confirmed, this would represent the highest total since the Levy collection reforms of 2017/18, marginally surpassing the 2024/25 figure of £109m.

The expected total is based on provisional end of year submissions received from the majority of Levy-paying bookmakers, which are currently undergoing HBLB’s standard validation processes.

Throughout the year, HBLB considered that, based on evidence to date and forecasting the rest of the year, the most likely Levy outcome would be up to £110m. The final yield can therefore be regarded as at the upper end of the expected range.

The year’s pattern reflected a continuation, albeit at a materially slower rate, of the recent years’ trends of lower betting turnover (amount bet) on British horseracing. Average turnover per race was down by 1.2% on 2024/25, compared to a 7.7% fall in 2024/25 versus 2023/24.

Average turnover per race for 2025/26 was 9.2% below the three-year historic average (April 2022 to March 2025), and 19% lower than in 2021/22.

HBLB Chief Executive Alan Delmonte commented: “This financial outturn provides the Board with confidence in the expenditure commitments already made for 2026, as well as flexibility in options for 2027.

“The Board has noted previously that with turnover falling, there is concern as to the sustainability of maintaining gross win, and therefore Levy, at around current levels. The Board has nonetheless been able to commit to expenditure of around £113m in the current Levy year, balancing a desire to provide additional funding in targeted areas with ensuring that reserves remain in place to give a cushion should Levy yield fall.

“There remains significant concern about the downward trend of recent years, including the reported increase in black market betting activity which continues to threaten the sport’s viability in the longer term.

“For the 2026/27 Levy year, the Board’s starting assumption is a Levy yield of £109m, based on a combination of 2025/26 outturn and the confirmed advance payments on account for the year agreed with individual bookmakers. This will be reviewed regularly throughout the year as new information becomes available.

“We are grateful to bookmakers who have made their end-of-year submissions in good time and thank those who have voluntarily provided data throughout the year which has been invaluable in supporting HBLB’s betting analysis.”

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 any 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.

2. Legislative reforms of 2017 added to the scope of the Levy those bets placed by an individual in Great Britain with a remote betting operator based overseas.

3. Since those reforms, Levy yields have been:

2024/25 £109m

2023/24 £105m

2022/23 £100m

2021/22 £97m

2020/21 £83m (no racing took place in the first two months of the Levy year)

2019/20 £98m

2018/19 £84m

2017/18 £94m

4. In August 2025, HBLB announced an increase of £4.4m in its prize money contribution for 2026 versus 2025, from £72.7m to £77.1m. Details can be found here.

5. In March 2026, HBLB announced details here, of c. £10.5m for non-racing fixture related grants for the 2026 calendar year. Total HBLB grants, also including grants in respect of prize money, the regulation and integrity of the sport and towards veterinary science and education, are expected to be around £110m in calendar year 2026.

6. Consideration will be given to HBLB’s 2027 planned prize money contribution in summer 2026.

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