HBLB Annual Report Reveals Further Increase in Levy Yield to Almost £109 Million

[Wandering Eyes]

The Horserace Betting Levy Board (HBLB) has allocated an extra £4.4 million to prize-money for 2026 compared to this year, following a further increase in the Levy yield to just shy of £109 million – the highest since the 2017 reforms that extended the scope of the Levy to overseas betting operators.

Details of the statutory Levy – which climbed to £108.9 million, up from £105.3 million the previous year – were released on Wednesday as the HBLB published its 2024/25 Annual Report and Accounts. This increase came despite a third consecutive year of material decline in betting turnover. Higher than anticipated bookmaker gross profits in February and March this year, in particular, pushed income above expectations, according to the Annual Report.

HBLB reported total income of £113 million, up from £108.7 million in 2023/24, when taking into account interest on cash deposits, which helped to boost reserves to £58.7 million. It's reported that the Board adopted a prudent approach to its overall financial position and revised its target reserves range from £21m-£31m to £25m-£35m, reflecting increased spending in recent years and the need for a strong financial cushion. This has facilitated the increased contribution to prize-money for 2026, plus an extra £1.2 million for regulatory and integrity services, among other grants.

In her statement as interim chair of HBLB during the year, Anne Lambert noted that the Board was delighted to have been able to increase its grant expenditure on the previous year, but noted that “racing is facing significant challenges”. In the year as a whole, average betting turnover per race was down by 8% on 2023/24, representing a 15% fall versus 2022/23 and 19% versus 2021/22.

Meanwhile, in his Chief Executive's Report, Alan Delmonte emphasised that the Board's willingness to support funding of more innovative projects such as 'Project Pace' and 'Project Beacon' illustrates that “if racing is to continue to be a leading sport and leisure activity, it needs to ensure that it is presented and structured in a way that is attractive to the modern consumer”.

In June 2025, the Board published a new three-year business plan, with progress to be reported in future annual reports. An updated summary of the 2022-2025 business plan is included within the Annual Report.

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