Levy Releases Annual Report: Income Hits 100M, Betting Turnover Declines

The Horserace Betting Levy Board's (HBLB) 2022/23 Annual Report outlined that statutory Levy income to the Board was £100 million, the highest since the Levy collection reforms of 2017. The last two months of Apr. 1, 2022 through Mar. 31, 2023 term saw bookmakers' gross profits increasing significantly on the Board's projections taking into account the actual results to that point and historic comparisons.

Over the 12-month period, the Board reports of a continuing decline in turnover (amount staked) which was being partially mitigated by improved margins and gross win (amount retained by bookmakers), the basis on which Levy is paid. The trends have continued into 2023/24.

“Whether or not these trends in turnover and gross win will be sustained will become clear with time,” said Chief Executive Alan Delmonte. “While the short-term position provides reassurance in terms of income projection, the Board must however remain cautious because the underlying position is that turnover has declined over a sustained period. Ultimately, whatever the cause, falling turnover is unlikely to prove a positive for the sport's long-term health.”

Also outlined in the reports:

  • The achievement of a small operating surplus in the year, in part due to the Board receiving from the Racing Foundation the second £3m of the £6m over two years generously contributed towards the Board's grants for people training and education initiatives.
  • The publication of the Board's first three-year Business Plan, during 2022/23.
  • The updated and enhanced processes for inviting, assessing and monitoring grant applications.
  • The decision to increase transparency with the publication of the Board's race by race prize money contribution, providing greater visibility for the sport's participants about where the Board's prize money funds are directed.
  • Saving an ongoing £100,000 per annum on administrative costs with the move to smaller office premises.

To view the Annual Report, click here.

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NTRA Releases 2020 Legislative Action Campaign Annual Report

The National Thoroughbred Racing Association (NTRA) 2020 Legislative Action Campaign (LAC) Annual Report is now available on the association's website and can be downloaded at the following link: https://www.ntra.com/wp-content/uploads/21-290-029-LAC-2020-Annual-Report-FINAL.pdf.

The report reviews the NTRA's federal legislative activities in 2020 and the fundraising programs that support them. Specifically, the report includes:

  • A federal legislative summary of issues that are important to horse racing and breeding, including the latest on the Horseracing Integrity and Safety Act, Sports Betting, Three-year Racehorse Depreciation, Immigration and other legislation;
  • A list of 2020 contributors to the NTRA's Legislative Action Campaign through the ¼% Check-off Program and other related NTRA fundraising programs;
  • Sale company calendars; and
  • Member discount information from NTRA partners like John Deere, Sherwin-Williams, Office Depot and Big Ass Fans

“We thank the buyers, sellers and consignors who supported our federal legislative advocacy in 2020 by participating in the ¼% Check-off Program through sales hosted by our partners at Keeneland, Fasig-Tipton, Ocala Breeders Sales (OBS), the Washington Thoroughbred Breeders and Owners Association (WTBOA) and the California Thoroughbred Breeders Association (CTBA),” said NTRA President and CEO Alex Waldrop. “We appreciate these sale companies for all they do to help facilitate the Check-off Program and we also thank the farms, breeders and National Horseplayers Championship (NHC) Tour members who contributed through other fundraising programs. It was a difficult year in many ways but, once again, the industry rallied in support of our efforts on Capitol Hill.”

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