25th of October 2012 Author: Glo Wood
After a long debate, the Horserace Betting Levy Board (HBLB) and the Bookmakers' Committee agreed on the UK Horserace Levy Scheme, estimating a return of GBP 72.9 million from April 2013 to March 2014, which will include a voluntary contribution to British Racing, through the Levy Board, from online betting exchange Betfair (around GBP 7 million).
Three biggest bookmakers in the UK - William Hill, Ladbrokes and Gala Coral agreed on the terms of the 52nd Levy Scheme, guaranteeing that they will jointly contribute with not less than GBP 45 million.
According to Levy Board Chairman Paul Lee, '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.'
Thanks to an increase in the Board's income, a decision to prioritize additional expenditure on prize money and the agreement of the terms of the 52nd Levy Scheme Prize, the Horserace Betting Levy Board money allocations will next year exceed GBP 50 Million, which represents an increase of 30 percent on 2012 and 45 percent on 2011.
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