HBLB invites bookmakers to consider monthly payments
The Horserace Betting Levy Board (HBLB) has urged levy-paying bookmakers to consider if they wish to maintain current monthly payments.
UK racing was allowed to resume on June 1 and the board outlined that the year ends on 31 March 2021.
The released statement said: “Bookmakers make monthly payments to HBLB based on an estimate of Levy liability, with a reconciliation at the end of the year against the final amount due.”
The payments that took effect in May were agreed before racing restarted, and the total payment until the year-end will be £65m ($84.1m).
The Board forecasted income for 2020/21 to be at least £70m, based on the first three months of betting activity.
Alan Delmonte, Levy Board CEO said: “Bookmakers’ timely payments on account have maintained HBLB’s cash flow, while the larger bookmakers that already provide voluntary up to date trading information have continued to do so. This has given HBLB the confidence and the means to make significantly over and above normal contributions to racing in the initial stages of resumption.”
The Board added that each paying bookmaker should consider if they want to maintain the current payments or adjust them “to reflect their own expected Levy liability for the year as a whole.”
Delmonte stated the information is for the board to be able to anticipate the income “as it begins to consider its expenditure budget from January 2021.”
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