British prize money to exceed £123 million in 2014
Prize money in Britain is expected to exceed £123
million in 2014, an increase of more than £10 million from this year. The increase is attributed to
prize money agreements with racecourses, arrangements with major bookmakers and a new
Levy deal.
“This increase is evidence of the benefits of
stronger collaboration amongst racing’s key stakeholders, together with a more
constructive approach to working with the betting industry,” British
Horseracing Authority (BHA) Chief Executive Paul Bittar declared about the
forecasted increase.
“The two main developments contributing to
the increase have been the securing of Prize Money Agreements or commitments from
racecourses, and the terms of the recent Levy deal and four-year arrangement with the major
bookmakers.
“A critical point that should not be overlooked is the increased stability that
these deals provide, particularly in light of the £16 million drop in prize money between 2009 and 2011 that
followed a significant reduction in Levy.”
Bittar noted that the new four-year Levy agreement,
combined with the commercial Betfair agreement struck last year, exceeds the amount that can be
collected under current legislation.
“While we will continue to pursue legislative change,
the arrangement with major betting operators is significant; a conclusion that could not have
been reached without the support of the Levy Board, and we are grateful for their role in the
process.”
“We still have a long way to go to match our
international competitors in terms of prize money, but the financial model of British racing is unique,”
he added.
“To have achieved a new record in prize money against a backdrop of an out-of-date central
funding mechanism is encouraging, and we are determined to continue to work together with our
stakeholders to further increase the sport’s value.”
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