Board Meeting Summary
Meeting Date: Thursday 10th October 2013
53rd Levy Scheme
The Board approved the Bookmakers’ Committee recommendations for the 53rd Levy Scheme (1st April 2014 to 31st March 2015). Further details of the scheme are available here. The Board also approved the proposal from Betfred that, for its Pool betting operation, the successor company to the Horserace Totalisator Board will contribute, in respect of the UK based off-course horserace betting business, as if it were a bookmaker for the purposes of the 53rd Levy Scheme.
Four-Year Arrangement
The Board noted that the four largest retail bookmakers (William Hill, Ladbrokes, Coral and Betfred) had agreed a four-year undertaking with Racing (the British Horseracing Authority, the Racecourse Association and the Horsemen’s Group) to make additional voluntary contributions to the Levy Board of £4.5m per year into a newly-created Incentive Fund with effect from April 2014.
Prize Money 2014
The Board approved an overall allocation to prize money in 2014 of £51.7m, not taking into account the Incentive Fund, subject to the Executive having the authority to approve a final sum within £500,000 either way of this total in the light of the finalisation of various fixture grants.
Capital Credit Request: Thirsk
The Board approved a Capital Credit grant of £384,929 to Thirsk Racecourse towards constructing a new 120-seater restaurant and a new premier seafood buffet and bar facility.