New Levy Deal Agreed for British Horseracing
October 24, 2012
Gambling companies will have to cough up £72.9million ($116.4 million) to fund British Horse-racing following the Levy Board unanimously agreeing to the 52nd Levy Scheme.
The agreement comes a full week before the deadline for the 2013-14 scheme and the figure compares favourably with the £72.4million agreed on 12 months ago.
William Hill, Ladbrokes and Coral have agreed to guarantee that thier contribution will be no less than £45million while Betfair will make a contribution which is assumed to be around £7million.
The 52nd Levy Scheme will in most respects continue the terms of the current scheme, with a headline rate of Levy at 10.75% of bookmakers’ gross profits on British racing.
Levy Board Chairman Paul Lee said: “The Board is extremely pleased to have reached unanimous agreement.
“This will provide further stability and make possible significant additional expenditure on prize money in 2013.
“I would like to give recognition to Betting and Racing for the constructive approach that they have taken in seeking early resolution to the terms of the next Levy Scheme.”
It has also been announced that prize money allocations by the Board will exceed £50m, a rise of some 30% on 2012 and some 45% on 2011.