Levy yield for 2023-24 set to rise to more than £100 million according to latest forecast

The levy is forecast to yield more than £100 million in the current financial year, despite a fall in betting turnover on horseracing.

The Levy Board's recently published business plan update revealed the latest forecast for the money raised by the levy in 2023-24 is around £102.5m, up from £100m the previous year. The update said levy income had been tracking similarly to 2022-23, which resulted in a return to an operating surplus, allowing the board to fund new initiatives such as enhanced prize-money this year.

The financial period for the levy ends on March 31 and results at the Cheltenham Festival could drive the final figure up or down. Nevertheless, a figure of £102.5m would be the highest levy yield since the £115.3m raised in 2007-8.

The board's three-year business plan, launched in January 2023, set out a number of goals and racing outcomes, with horserace betting turnover among the areas assessed.

The update said there had been "a consistent and clear downward trend for betting turnover", adding that average turnover per race had dropped below £1m. 

However, gross win – on which the levy is based – was "performing strongly and currently compensating for turnover reductions", although the report warned that might not be sustainable.

Levy Board chief executive Alan Delmonte

Levy Board chief executive Alan Delmonte said: "The update gives an at-a-glance guide to the wide range of our work, whether this be on incoming finances or outgoing expenditure programmes. 

"Overall income is holding up at the moment and most of our planned projects are on track. Our assessment of the sport’s current position in key areas is that there is stability in some areas but challenges especially in betting turnover and raceday attendances."

The board's report brought together an assessment of the progress made on implementing the 26 "key projects" identified in the business plan, as well as an update on 13 "racing outcomes", including betting turnover and attendances, seven internal key performance indicators, the body's three strategic risks and its financial position.

The only area mentioned as having significant issues was the number of vacancies filled in key roles in racing. The report said the board was awaiting agreement of the sport's people strategy.

Delmonte added: "We are also looking forward to the outcome of racing’s wider strategy work and to the publication of the Horseracing Industry People Board’s strategy in the summer."

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