Levy yield hits £100m - but good news comes with health warning over racing's betting turnover

The levy brought in £100 million in 2022-23, the first time that landmark has been reached since British racing's central funding system was reformed to include bookmakers based overseas in 2017, but the news came with a health warning.

The figure, a small upgrade on the £99m indicative yield announced in May, had been achieved against a backdrop of falling turnover on racing but greater bookmaker profits, a trend which has continued into the current levy year.

Levy income, which is based on a percentage of bookmakers' gross profits on British racing, was at the "top end of expectations", chief executive Alan Delmonte said in the board's annual report published last week.