The Directors of the British Horseracing Board have agreed unanimously that an offer to the Levy Board from the Bookmakers Committee variously reported to be in the range £3.9 million to £7.5 million would completely fail to address the needs of the racing industry and would be totally unacceptable.
At its monthly meeting today, the Board wholeheartedly backed a statement issued by the BHB Chairman, Peter Savill, yesterday following a report in the Racing Post that the bookmakers were planning to offer only £3.9 million.
In his statement, the BHB Chairman 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.””