HBLB asks bookmakers to think about making monthly payments

The Horserace Betting Levy Board (HBLB) has requested that levy-paying bookmakers evaluate whether or not they want to continue making monthly payments at the same rate. Racing in the United Kingdom was given permission to start up again on June 1, and the board revealed that the current year will expire on March 31, 2021.

The following is an excerpt from the statement that was made public: "Bookmakers make monthly payments to HBLB based on an estimate of Levy obligation, with a reconciliation at the end of the year against the total amount that is owed."

Before the racing was restarted in May, an agreement was made to make the payments that became effective in May, and the total payment up until the end of the year will be £65 million ($84.1 million).

Based on the results of the first three months of betting activity, the Board of Directors has projected that the income for 2020/21 will be at least £70 million.

"Bookmakers' prompt payments on account have preserved HBLB's cash flow," stated Alan Delmonte, CEO of the Levy Board. "In addition, larger bookmakers that already offer voluntarily up to date trading information have continued to do so." This has provided HBLB with the confidence as well as the means to make significant contributions to racing that go significantly beyond the norm during the earliest phases of the sport's restart.

"to reflect their own estimated Levy liability for the year as a whole," the Board noted, "each paying bookmaker should evaluate whether they want to keep the current payments or change them."

According to Delmonte, the information is being provided so that the board may more accurately predict the amount of money it will receive "when it begins to examine its expenditure budget from January 2021."