SBC News Voice of the Sports Betting Industry
A new season deal has been agreed between UK bookmakers and the UK Horserace Betting Levy Board – The 2014/2015 racing season will see the sport guaranteed with a fund of no less than £45m. UK Bookmakers William Hill, Ladbrokes, Coral and Betfred have contributed a total of £18 million to the fund (a contribution of £4.5m each)
The HBLB is a statutory body established by the Betting Levy Act 1961 and now operating in accordance with the provisions of the Betting, Gaming and Lotteries Act 1963 (as amended).
Unlike some other non-departmental public bodies, the HBLB receives no central Government grant-in-aid and no National Lottery funding. Instead, it is required by the Act to collect a statutory levy from the horseracing business of bookmakers and the Tote successor company which it then distributes for the improvement of horseracing and breeds of horses and for the advancement of veterinary science and education.
A joint statement by the bookmakers read “British racing is a core product to our businesses, so its in our best interests to see it thrive and grow. The £18 million will be used to improve the competitiveness of the overall racing product, making it more appealing to racing goers and betting customers alike”.
Total income for the UK Racing scheme is expected to 80.2m, a 10% raise on the current £72M levy scheme.
