As a result of the boom in online betting. annual levies declined from around £100 million in the decade to less than £50m and now under the new system, all betting operators will have to contribute to the British racing’s funds whether they are based offshore or not.
The fee will be 10% of gross profits above a £500,000 threshold. With this loophole now closed, the estimated missing income of between £30-£40m per year will be put back into the racing coffers. As the Levy Board has had to dip into its reserves and has spent more than it has been getting, not all this amount will be immediately available.
The areas that will be targeted with the increase in levies will go towards prize money for the grassroots and middle sections of the sport as well as towards the welfare of both the horses and human participants.