Levy yield hits £100m - but good news comes with health warning over racing's betting turnover
The levy brought in £100 million in 2022-23, the first time that landmark has been reached since British racing's central funding system was reformed to include bookmakers based overseas in 2017, but the news came with a health warning.
The figure, a small upgrade on the £99m indicative yield announced in May, had been achieved against a backdrop of falling turnover on racing but greater bookmaker profits, a trend which has continued into the current levy year.
Levy income, which is based on a percentage of bookmakers' gross profits on British racing, was at the "top end of expectations", chief executive Alan Delmonte said in the board's annual report published last week.
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Published on 18 December 2023inBetting World
Last updated 18:00, 18 December 2023
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