The UK’s Horserace Betting Levy Board (HBLB) anticipates collecting a record £108m in levy payments for the 2024-25 period, despite a noted decline in horse racing turnover.
This figure will surpass the previous high of £105m recorded in 2023-24, although the final numbers for the year ending March 31st 2025 remain subject to validation.
The levy is a mandatory 10% charge on bookmakers’ profits exceeding £500,000 from British horse racing and is crucial for funding the sector. The HBLB initially expected a reduction in levy income to around £100m. However, higher than anticipated profits have bolstered this figure.
Despite the increase in levy income, betting turnover per race fell by 8% year-on-year, with the total turnover falling 15% short of the 2022-23 figure and 19% below the 2021-22 level.
In response to the higher yield, the HBLB has approved £11m in new grants for projects, alongside committing £93m towards prize money and regulatory efforts.
Anne Lambert, Interim Chair, noted the board’s robust financial position, although cautioning that declining turnover could influence future spending decisions, saying: “We will exercise appropriate prudence in expenditure decisions and maintain sufficient reserves as bookmakers’ increased profits are being generated from falling turnover.”
Amidst these developments, the Betting & Gaming Council (BGC) has expressed concerns about potential tax increases, highlighting record contributions but warning against new taxes that might drive punters away or encourage black-market activity, and arguing for sustainable growth in the industry.
Grainne Hurst, CEO, says: “This vital contribution must not be undermined by further new tax rises. Any new taxes would halt investment, hurt punters and harm racing.”
