Simon Bazalgette, Group Chief Executive of The Jockey Club, today welcomed confirmation that a deal had been reached between the racing and betting industries for the 52nd Levy Scheme - a week before the midnight 31st October deadline.
The Horserace Betting Levy Board announced that the agreement is estimated to generate £72.9m for British racing between 1st April 2013 and 31st March 2014 and that the contribution to prize money from the Levy would increase over this period as a result to £50.2m, compared to £38.9m currently and £34.8m last year, inclusive of contributions to breeders' prizes.
Commenting on the Levy deal, Simon Bazalgette
“I welcome this Levy deal as a sign of steadily improving relations between racing and betting operators, and for the positive impact it will have on prize money in British racing. Constructive discussions have been taking place behind-the-scenes to get to this stage and, on this foundation of understanding, I hope we can move towards a longer term commercial funding solution that benefits all.
“The lack of a public battle around this year’s Levy agreement is recognition from all parties of the mutual gains to be made from working together to build up racing as an exciting sport and a fantastic betting product.”
Further information on the 52nd Levy Scheme can be found here