Racing Levy Board agrees Levy Scheme for 2015/16

paullee
Paul Lee, Chairman of the Levy Board,

The Horserace Betting Levy Board members have approved unanimously the Recommendations from the Bookmakers’ Committee for the terms of the 54th Levy Scheme (1st April 2015 to 31st March 2016).

The Bookmakers’ Committee’s estimate of 54th Levy Scheme yield, added to Betfair’s estimated £7.8m contribution, is £74.3m. The Bookmakers’ Committee estimates that the current (53rd) Levy Scheme in 2014/15, inclusive of Betfair’s contribution of £7.8m, will yield £74.6m.

In addition to the agreement of the 54th Levy Scheme, the four largest retail bookmakers (William Hill, Ladbrokes, Coral and Betfred) have agreed to continue the underwriting of a combined contribution payable through the statutory Levy of not less than £47.5m in the 54th Levy Scheme period. This is the same sum underwritten by the firms in respect of the 53rd Levy Scheme period.

Paul Lee, Chairman of the Levy Board, said: “The agreement of the 54th Levy Scheme provides certainty and stability for all parties and is very good news all round.

“I am particularly grateful to the Bookmakers’ Committee for making its detailed recommendations as early as September and for the constructive approach taken by Racing’s appointees to the Board. I would also like to thank the four largest retail bookmakers for their commitment to maintain their underwritten contribution at the same level as applies to the 53rd Levy Scheme.”

Will Roseff, Chairman of the Bookmakers’ Committee, said:

“I am delighted that the Bookmakers’ Committee, representing all bookmakers large and small, was able to submit recommendations for the 54th Levy Scheme upon which all its members agreed. Today’s unanimous endorsement by the Levy Board is further evidence of bookmakers, Racing and the Levy Board working together productively and augurs well for the future.”

Paul Bittar, Chief Executive of the British Horseracing Authority, said:

“Racing’s representatives welcomed the Bookmakers’ Committee putting forward recommendations in good time ahead of the 31st October annual deadline along with continuation of the Levy underwrite which provides certainty of key expenditure including prize money and integrity services. Our attentions are now focused on the Government’s consultation on fundamental reform or replacement of the Levy and establishing a modern relationship with an evolving betting industry, and we will continue to work actively with bookmakers to this end.”

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