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Financial Breakdown 2025
Table of Contents
- 1. Financial Breakdown 2025
- 2. Financial Highlights
- 3. Revenue Composition
- 4. Expenditure Breakdown
- 5. Governance and Oversight
- 6. Strategic Priorities 2025‑2030
- 7. Impact on Key Stakeholders
- 8. Practical Tips for Stakeholders
- 9. real‑World Example: “Green‑Track Initiative” at Kempton Park
- 10. Frequently Asked Questions (FAQs)
Horserace betting Levy Board – Annual Report and Accounts (Year Ending 31 March 2025)
Financial Highlights
- Net levy income: £212 million, a 5 % increase compared with FY 2024.
- Total distributions: £140 million allocated to racecourses, representing 66 % of net income.
- Industry advancement funding: £30 million directed to the British Horseracing Authority (BHA) and grassroots programmes.
- Animal‑welfare investment: £15 million earmarked for the Racehorse Welfare Trust and retraining schemes.
- Operational surplus: £7 million retained for strategic reserves and future capital projects.
Source: Horserace Betting Levy Board annual Report 2025, p. 12‑15.
Revenue Composition
| Revenue Stream | FY 2025 (£ million) | FY 2024 (£ million) | YoY Change |
|---|---|---|---|
| Fixed betting levy (retail) | 118 | 112 | +5.4 % |
| Variable betting levy (online) | 74 | 71 | +4.2 % |
| Other income (interest, fees) | 20 | 18 | +11.1 % |
| Total | 212 | 201 | +5.5 % |
The rise in online levy reflects the continued growth of mobile and app‑based betting platforms, now accounting for 35 % of total levy revenue.
Expenditure Breakdown
- Racecourse distributions: £140 million (66 % of total income) – split proportionally by race‑meeting volume and prize‑money requirements.
- Industry development: £30 million – supports talent pathways, technology upgrades, and diversity initiatives.
- Welfare & sustainability: £15 million – funded the “Second‑Career” program for retired Thoroughbreds and the eco‑green track project at Kempton Park.
- Governance & compliance: £5 million – covers audit, legal, and regulatory oversight.
- Capital reserves: £7 million – set aside for future infrastructure investment and contingency planning.
Governance and Oversight
- Board composition (2025): 9 members – 5 independent directors, 2 BHA representatives, and 2 industry stakeholder appointees.
- Audit Committee: Conducted a full external audit (KPMG) and published an unqualified opinion, confirming compliance with UK Companies Act 2006.
- Risk Management Framework: Updated to include cyber‑risk for digital betting channels and climate‑related financial exposure.
Key governance outcomes:
- Adoption of a new Code of Conduct for levy recipients.
- Implementation of quarterly performance dashboards for transparency.
Strategic Priorities 2025‑2030
- Digital Levy Optimisation – Enhance data sharing with betting operators to improve levy calculation accuracy for online bets.
- Prize‑Money Sustainability – Align distributions with long‑term racecourse profitability, targeting a 3 % annual increase in prize pools without compromising fiscal balance.
- Welfare‑First Programme – Expand the “Racehorse Second‑Career” fund to cover an additional 200 horses per year by 2028.
- Infrastructure Modernisation – Allocate £40 million over five years for track safety upgrades and green‑energy installations across the top 12 racecourses.
- Stakeholder Engagement – Launch a bi‑annual “Levy Forum” for trainers, owners, and bettors to provide feedback on levy utilisation.
Impact on Key Stakeholders
Racecourses
- average distribution per venue: £11.7 million.
- Case study – Newmarket Racecourse: Received £14.3 million, enabling a £4 million refurbishment of the finish‑line grandstand and a new on‑site training facility.
Trainers & Owners
- Increased prize‑money pool: Estimated £5 million boost across the season, enhancing earnings potential for mid‑tier trainers.
- Access to development grants: £2 million allocated to the “Apprentice Trainer Initiative,” supporting 45 new entrants in FY 2025.
Bettors
- Betting‑levy transparency: Quarterly statements now include a “Levy Contribution” line item on betting slips, fostering trust and responsible gambling awareness.
Animal Welfare Organizations
- Funding allocation: £8 million directed to the Racehorse Welfare Trust, facilitating the acquisition of 12 new retraining farms.
Practical Tips for Stakeholders
- Racecourse finance teams: Register for the new Levy Distribution Portal (launched July 2025) to receive real‑time updates on allocation schedules.
- Trainers seeking grants: Submit applications through the BHA’s “Industry Development Funding” portal by the 30 September deadline; include a detailed training plan and projected outcomes.
- Betting operators: Ensure compliance with the updated Variable Levy Rate (VLR) formula – 15 % of net wagering turnover for online bets above £50 million.
- Welfare charities: align proposals with the Levy Board’s “Second‑Career” criteria – focus on retraining, veterinary care, and post‑racing adoption pathways.
real‑World Example: “Green‑Track Initiative” at Kempton Park
- Project cost: £3.2 million (funded 60 % by the Levy Board, 40 % by racecourse reserves).
- Outcome: installation of solar‑powered lighting and water‑recycling irrigation, reducing operational carbon emissions by 22 % annually.
- Stakeholder benefit: Lower energy bills allow Kempton to reinvest £1.1 million into prize‑money growth for the autumn season.
Frequently Asked Questions (FAQs)
| Question | Answer |
|---|---|
| When is the next Levy Board AGM? | 12 May 2026 – live‑streamed via the levy Board website. |
| How is the levy rate calculated for mobile betting? | Based on the Variable Betting levy Rate (VLR) – 15 % of net gambling turnover, adjusted quarterly to reflect market fluctuations. |
| Can a racecourse decline levy funding? | Yes,but any decline must be submitted in writing at least 60 days before the annual allocation date; the board will re‑allocate the funds to eligible venues. |
| What reporting standards are used? | The accounts comply with UK Generally Accepted Accounting Principles (UK GAAP) and the International Financial Reporting Standards (IFRS) where applicable. |
Key takeaway for industry participants: 2025 marks a pivotal year where the Horserace Betting Levy Board blends increased digital revenue with targeted investment in prize‑money, welfare, and sustainability, positioning British horse racing for resilient growth through 2030.
