Following a report in the Racing Post today about the amount the betting industry is expected to offer in the forthcoming levy negotiations, the BHB Chairman, Peter Savill, said:
“”The offer, if accurately reported, is derisory and totally unacceptable. It is an insult to all those who work in racing and whose livelihoods depend on the size of the levy. This offer would only increase the percentage of betting turnover paid by the bookmakers to racing from 1.10% to 1.17% when all other major racing nations receive between 4.4% and 15%.
“”Since the last levy negotiations in 1994, betting industry profits have increased by £250 million. That they are apparently willing to offer only £3.9 million of this sum for the product on which their businesses are founded is further evidence of the abuse of their position as monopoly distributors of horserace betting.””