Levy yield projected to have hit post-reform high of £110m but 'significant concern' remains over turnover trends

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The levy is projected to have yielded £110 million in the year ended March 31, a record for the period since British racing's central funding system was reformed in 2017.

However, concerns remain over the sustainability of maintaining the levy at current levels considering the downward trend in betting turnover, especially given the rising threat from the black market.

The Levy Board said there had been a continuation, although at a "materially" slower rate, of recent trends of lower amounts being bet on British racing.

Average turnover per race in 2025-26 was down by 1.2 per cent on 2024-25, compared with a 7.7 per cent fall in 2024-25 against the 2023-24 levy year.

Meanwhile, average turnover per race for 2025-26 was 9.2 per cent below the three-year historic average (April 2022 to March 2025), and 19 per cent lower than in 2021-22.

Alan Delmonte: "There remains significant concern about the downward trend of recent years"

Levy Board chief executive Alan Delmonte said the projected levy yield, which had come in at the upper end of the expected range, had given them confidence in expenditure commitments already made for 2026, as well as flexibility in its options for 2027.

Delmonte said: “The board has noted previously that with turnover falling, there is concern as to the sustainability of maintaining gross win, and therefore levy, at around current levels. 

"The board has nonetheless been able to commit to expenditure of around £113 million in the current levy year, balancing a desire to provide additional funding in targeted areas with ensuring that reserves remain in place to give a cushion should levy yield fall.

“There remains significant concern about the downward trend of recent years, including the reported increase in black market betting activity which continues to threaten the sport’s viability in the longer term."

Last August, the Levy Board announced an increase of £4.4m to £77.1m in its prize-money contribution for 2026, while in March it published details of around £10.5m provided for non-racing fixture related grants.

The Levy Board said it would consider its planned prize-money contribution for 2027 this summer.

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