The Horseracing Betting Levy Board (HBLB) is a statutory body set up by the Horseracing Betting Levy Act of 1961. It is responsible for the collection and distribution of money from the betting industry to fund the sport of horseracing in Great Britain. The Levy Board was originally established to provide a fair and equitable distribution of funds between the racing industry and the betting industry.
What is the Levy?
The Levy is a tax on all bookmakers’ profits which are made through betting on horseracing in Great Britain. The Levy rate is currently 10% of the bookmaker’s gross profits, and it is collected by the HBLB from the bookmakers. The Levy is then redistributed to the racing industry to support racing, primarily through prize money for racecourses.
What are the HBLB’s Main Objectives?
The HBLB’s main objectives are to ensure that funds are distributed fairly and equitably between the racing industry and the betting industry, and to ensure that the Levy is applied in a transparent and efficient manner.
Objective 1: Fair and Equitable Distribution of Funds
The HBLB is responsible for ensuring that the funds collected through the Levy are distributed fairly and equitably between the racing industry and the betting industry. The HBLB works with the British Horseracing Authority (BHA) to ensure that the funds are used in the most effective way to benefit the sport of horseracing in Great Britain.
Objective 2: Transparency and Efficiency
The HBLB is committed to ensuring that the Levy is collected and distributed in a transparent and efficient manner. The Levy Board publishes detailed annual reports on its activities and the funds it collects and distributes. The HBLB also works with the BHA and other stakeholders to ensure that the Levy is applied in the most efficient way possible.
Objective 3: Supporting the Racing Industry
The HBLB’s main objective is to support the racing industry in Great Britain. The funds collected through the Levy are used to provide prize money for racecourses, as well as to fund various other initiatives such as research and development, training and education, and racehorse welfare.
Objective 4: Protecting Consumers
The HBLB is also responsible for protecting the interests of consumers who bet on horseracing in Great Britain. The Levy Board works with the Gambling Commission to ensure that the betting industry is operating in a fair and responsible manner, and that customers are being treated fairly.
Objective 5: Ensuring the Sustainability of the Sport
The HBLB is committed to ensuring the long-term sustainability of the sport of horseracing in Great Britain. The funds collected through the Levy are used to invest in the future of the sport, such as investing in the development of new technologies, training and education initiatives, and research and development projects.
Objective 6: Promoting Integrity
The HBLB is also responsible for promoting the integrity of the sport of horseracing in Great Britain. The Levy Board works with the BHA and other stakeholders to ensure that all participants in the sport are acting in a fair and responsible manner, and that any breaches of integrity are dealt with appropriately.
Objective 7: Promoting the Sport
The HBLB is committed to promoting the sport of horseracing in Great Britain. The Levy Board works with the racing industry and other stakeholders to ensure that the sport is being promoted in the most effective way, such as through advertising campaigns, social media campaigns, and other initiatives.
Objective 8: Supporting Innovation
The HBLB is also responsible for supporting innovation in the sport of horseracing in Great Britain. The Levy Board works with the BHA and other stakeholders to ensure that the sport is open to new ideas and developments, and that the racing industry is open to embracing new technologies and initiatives.
Objective 9: Supporting Racecourses
The HBLB is committed to supporting racecourses in Great Britain. The funds collected through the Levy are used to provide prize money for racecourses, as well as to fund other initiatives such as maintenance and development projects.
Objective 10: Working with Stakeholders
The HBLB is also responsible for working with stakeholders to ensure that the sport of horseracing in Great Britain is being managed in a fair and responsible manner. The Levy Board works closely with the BHA and other stakeholders to ensure that the sport is being managed in the best interests of all participants.
Conclusion
The Horseracing Betting Levy Board is a statutory body set up to ensure that the funds collected through the Levy are distributed fairly and equitably between the racing industry and the betting industry, and to ensure that the Levy is applied in a transparent and efficient manner. The Levy Board’s main objectives are to ensure that funds are distributed fairly and equitably between the racing industry and the betting industry, to ensure that the Levy is applied in a transparent and efficient manner, and to protect the interests of consumers who bet on horseracing in Great Britain. The Levy Board also works with stakeholders to ensure that the sport of horseracing in Great Britain is being managed in the best interests of all participants.