The Levy Board injects extra £6.5million into racing prize money for 2019 to plug anticipated drop in media rights income as betting shops close
- The Levy Board has agreed to an extra £6.5 million into 2019 racing prize money
- It is to plug the anticipated drop in the sport’s media rights income this year
- Betting shops are closing due to reduced max stakes on Fixed Odds Terminals
The Levy Board has agreed to inject an extra £6.5 million into racing’s prize money for 2019 to plug the anticipated drop in the sport’s media rights income as betting shops close due to the government reducing the maximum stakes on Fixed Odds Betting Terminals from £100 to £2.
Rows between racecourses reducing prizemoney in anticipation of the reduced income has already seen boycotts at tracks run by Arena Racecourse Company with the majority of trainers refusing to enter horses and most jockeys refusing to take rides.
The Levy Board had already agreed to put just over £58million into prizemoney but will use extra cash from its reserves after submissions from the BHA, racecourses and Horsemen.
The Levy Board has agreed to inject an extra £6.5 million into racing’s prize money for 2019
It is to plug the anticipated drop in the sport’s media rights income as betting shops close
The one-off grant is intended to provide ‘stability’ to the sport and Levy Board chairman Paul Lee urged the sport to find a longer term solution to the predicted falls in media rights income.
Lee said: ‘In agreeing the £6.5m, the Board strongly encouraged the continued liaison between representatives of horsemen and racecourses as they discuss the creation of new, contractual prize money agreements. An environment of openness and transparency will be of great benefit to Racing and Betting as both industries confront the financial challenges ahead.’