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.