Plunge In UK Bookmakers Levy Shocks UK Racing

A dramatic drop in bookmakers’ revenue has left British racing in need of an emergency action plan, after receiving the bombshell news that income from the racing levy will drop by nearly 20 percent this year.

The Horserace Betting Levy Board has proposed that expenditure this year will have to be cut by £5m, with the possibility of more cuts to come, after the sport's main funding system saw a drop of £17m to £78m in the latest financial year.

In March, the board had predicted an £89m windfall from the levy, but it emerged last week that a poor three months for bookmakers had hit gross profit on which levy payments are based.

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