RACING was given a massive boost on Thursday as the Levy Board announced it will give prize-money a massive boost.
A total of £6.5 million is set to be distributed to counteract revenue lost by FOBTs.
It’s hoped the move will eradicate any further boycotts by trainers and jockeys over lack of prize-money at ARC tracks.
Levy Board chairman Paul Lee told the Racing Post: “This increase in expenditure has been possible due to our additional income from the 2017 extension of the levy to bookmakers outside Britain but also because, since 2017, the board has carefully sought to increase its reserves rather than expending all of that extra income.
“As far as the additional contribution to prize-money is concerned, the board was very clear with racing that the £6.5m is a one-off grant.
“It is intended to provide increased certainty to the recipients of prize-money and breathing space for the sport while the scale and effects of licensed betting office closures become known during this year.”
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The news follows the government’s announcement of a reduction in FOBT stakes from £100 to £2 set to be introduced next month.
Lee added: “We are very pleased to be in a position to offer additional support to several important areas of the sport, including for equine welfare and research and towards the further development of racing’s highly dedicated workforce.
“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. The Levy Board will do what it can to provide assistance.”
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News Photo Levy Board announces boost of racing with £6.5 million cash injection to counteract FOBT losses
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