Levy Board to boost support for prize-money by 40 per cent in July and August

The Levy Board will continue to plough extra funding into prize-money during July and August to ensure races will be run for at least their minimum values during the period.

Its contribution to the sport's prize-money rate card for those two months will total £13.1 million, 40 per cent more than the £9.3m allocated in a typical July and August.

The Levy Board has had to step in to provide extra support for prize-money since racing resumed last June following the first Covid-19 lockdown, with courses unable to contribute their usual levels due to the absence of income from racegoers.

In February the Levy Board committed to providing a near 50 per cent higher contribution to prize-money, shoring up levels in May and June.

The decision to continue to offer extra funding was made at Thursday's board meeting, which followed the news that levy income for the most recent financial year was expected to be in the region of £80m, despite the lengthy shutdown in 2020 caused by the pandemic.

Betting shops have also reopened, which was also considered among the reports on betting performance.

Levy Board chief executive Alan Delmonte said: "The board held off consideration of July and August expenditure decisions until 2020-21 levy yield was clearer.

"As this looks like being slightly above £80 million, we are pleased to be able to maintain a 40 per cent higher than usual contribution to prize-money in July and August, as well as grants towards additional regulatory costs."

In addition to the £13.1m funding for the rate card, the Levy Board is to make contributions to the appearance money scheme (£1.3m), divided races fund (£0.125m) and the Great British Bonus (£0.9m), bringing its total allocation to prize-money during July and August to £15.5m. In addition it is making £3.6m in regulatory grants.

A decision on levy spending for the last four months of the year will be made "in due course", a decision that will also take into account the return of crowds to race meetings.

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