Levy Yield of Around £108m Expected For 2024/25

Horserace betting levy yield for the year to 31 March 2025 is set to be around £108m which, if confirmed, would represent a new high since the Levy collection reforms of 2017/18, exceeding the 2023/24 figure of £105m.

The expected total is derived from the receipt of provisional end of year submissions from most Levy-paying bookmakers to the Horserace Betting Levy Board (HBLB). These remain subject to HBLB’s usual further validation processes.

As the Levy year progressed, HBLB considered that, based on evidence to date and forecasting based on recent years’ trends, the most likely amount of Levy income would be up to £100m. However, February and March 2025, the last two months of the Levy year, saw bookmakers’ gross profit – the basis of the Levy calculation - significantly above recent norms, race results at the Cheltenham Festival in March being a material factor.

The year as a whole saw betting turnover (amount bet) on British horseracing decline further on the previous year. Average turnover per race was down by about 8% on 2023/24, representing a 15% fall on 2022/23 and 19% on 2021/22. 

HBLB Interim Chair Anne Lambert commented: “A yield of around £108m provides additional reassurance for the Board in considering spending decisions for 2026, with increases in 2025 having already been agreed . The Board’s cash position is currently healthy and we will be looking to make additional funds available next year, including for prize money.

“However, we will exercise appropriate prudence in expenditure decisions and maintain sufficient reserves as bookmakers’ increased profits are being generated from falling turnover. It remains to be seen whether this trend will continue in the longer term.”

Chief Executive Alan Delmonte added: “For the 2025/26 Levy year, the Board’s starting point is to assume Levy yield of £103m, which is based on agreed bookmaker payments on account for the year that began in April 2025 and also taking account of the 2024/25 trends. The assumptions will be reviewed regularly through the year in the light of our own analysis based on the greatly appreciated information provided to us voluntarily by major bookmakers. HBLB sometimes carries out a mid-year reassessment exercise with betting operators if actual data significantly diverts from the aggregate payments on account.

“We are keen to remind racecourses that the Board continues to make available loans of up to £400,000 per racecourse for weighing room redevelopments for which applications must be made to us by no later than 31 March 2026 and well in advance where possible.”

 

Notes

1.The indicative yield is based on returns received to date from bookmakers, which includes the submissions from the largest operators, and an assumption around the returns that are yet to be received. Each return will be subject to final assurance and processing by HBLB on receipt of an independent accountant’s certificate.

2. Legislative reforms of 2017 added to the scope of the Levy those bets placed by an individual in Great Britain with a remote betting operator based overseas.

3.  Since those reforms, Levy yields have been:

• 2023/24 £105m
• 2022/23 £100m
• 2021/22 £97m
• 2020/21 £83m (no racing took place in the first two months of the Levy year)
• 2019/20 £98m
• 2018/19 £84m
• 2017/18 £94m

4. In 2024, HBLB announced an increase of £2.2m in its prize money contribution for 2025 versus 2024, from £70.5m to £72.7m. The Board agreed that it would review whether there had been any material reasons to adjust these plans downwards for the remainder of 2025 in the light of 2024/25 Levy outturn. It is now expected that the planned contribution will be maintained for the rest of the year.

5. HBLB will announce details shortly of around £11m for non-racing fixture related grants for the 2025 calendar year. Total HBLB grants, including for prize money and the regulation and integrity of the sport, are expected to be around £105m in 2025.

6. Consideration will be given to HBLB’s 2026 planned prize money contribution in June 2025 with a view to taking a decision in July.

For further information, please contact HBLB Chief Executive Alan Delmonte on 07931 701536