Racing hit by significant easy simple ways to make money levy fallracing hit by significant levy fall

British racing could face prizemoney cuts after the horseracing betting easy simple ways to make money levy board announced on friday a drop in the 2018/19 levy of £17-million. The HBLB had previously forecast of levy of £89-million for the year, which ended on mar. 31, but the figure is in fact more like £78-million. That is significantly down from the £95-million returned in 2017/18, the first year that the restructured levy extended beyond bookmakers easy simple ways to make money in great britain. Informal reports presented to the board showed that while the easy simple ways to make money year began on target, the last two months were substantially less profitable than in easy simple ways to make money the prior year. A £78-million levy income means the board will have incurred a easy simple ways to make money budget deficit of £5-million.

Levy board chairman paul lee said, “bookmaker profits in the fourth quarter, particularly in february and march, were reported to be very substantially down on estimates. This has led to a material undershooting of levy income easy simple ways to make money against forecast, even taking into account that yield was not expected to easy simple ways to make money reach the £95-million of 2017/18. This is only the second year of the extended levy easy simple ways to make money and the inherent uncertainty was recognised by the board in easy simple ways to make money 2017, which led to its policy of increasing reserves significantly over easy simple ways to make money the past two years. The purpose of having these reserves is to be able easy simple ways to make money to shield racing against substantial fluctuation. However, the scale of the fall in income means that there easy simple ways to make money is a strong probability of having to make further adjustments easy simple ways to make money to expenditure during the levy year in addition to the easy simple ways to make money £5-million reduction before the end of 2019.

“the variation in yield from £95-million to £78-million in the first two years of the extended levy easy simple ways to make money makes forecasting 2019/20 income more difficult and will create a challenge in easy simple ways to make money setting a full-year expenditure budget for calendar year 2020 before the end easy simple ways to make money of calendar year 2019. The board will look to put in place additional reporting easy simple ways to make money arrangements with major bookmakers, who are already helpfully providing significant data to the board easy simple ways to make money on a voluntary basis.”

HBLB’s racing representatives andy clifton (racecourse association), julian richmond-watson (the horsemen’s group) and nick rust (british horseracing authority) said in a statement, “we were shocked to see the big drop in levy easy simple ways to make money yield for 2018/19, which was significantly below the previous forecast at the end easy simple ways to make money of march. We share the disappointment that our sport will feel having easy simple ways to make money produced some highly competitive and compelling racing over the past easy simple ways to make money year.

“the bulk of the levy income is distributed as prize easy simple ways to make money money,” the statement continued. “at a time when there is already significant debate in easy simple ways to make money the industry around levels of prize money, we appreciate that any potential reduction will cause further concern. Racecourses, the horsemen’s group and the BHA have pledged to work through easy simple ways to make money any implications together. Discussions have already begun about how to minimise the impact easy simple ways to make money over the next year.

“we welcome HBLB’s announcement that it is reviewing how it works with easy simple ways to make money bookmakers. We look forward to seeing their proposals for improving the easy simple ways to make money accuracy of forecasts and growing racing’s income stream in line with growth in betting on easy simple ways to make money racing. We want to understand better from betting operators and HBLB easy simple ways to make money whether any systemic issues are emerging that need to be easy simple ways to make money addressed.

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