The funding of UK racing is to be reorganised as the Horserace Betting Levy Board (HBLB) commits to a new three-year business plan to ensure long-term financial stability for all stakeholders. The launch of the Business Plan had been delayed to 2023 due to the levy board factoring post-COVID realities, impacting the sport, government and British society. HBLB maintains its …
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The Horseracing Betting Levy Board (HBLB) has issued a ‘going concern’ notice on the funding scheme’s ability to continue after it published a troubling set of financial results today. This morning, HBLB declared its annual report and accounts for 2020/2021 to DCMS, revealing that betting levy receipts taken for the year ending March 2021 had fallen to £82 million (2019/2020: …
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The reluctance of many horse racing bodies to take on more debt has led to the sport receiving only half of the £40 million originally earmarked by the Department of Digital, Culture, Media and Sport (DCMS). According to the Racing Post, racetracks have been unwilling to take on more debt due to the financial impacts of the coronavirus pandemic, instead …
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The Horserace Betting Levy Board (HBLB) has confirmed that reserves held to support the sport through difficult times will be 40% lower than pre-pandemic levels. Reported by The Guardian, the Board’s chief executive Alan Delmonte revealed that reserves are predicted to be around £30 million by the end of December, having been around £50 million in March. “That shows you …
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The Horserace Betting Levy Board (HBLB) has confirmed that racecourses with capital credits balances currently totalling £6.5m will be able to draw on them to assist with their immediate cash requirements. As it stands, there are currently 18 racecourses which hold capital credits balances with HBLB. Under the new scheme, HBLB will allow each racecourse to have the option of …
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