Racing’s Betting Turnover Raises Concerns Despite £100m Levy Yield – Racing Post

Racing’s Betting Turnover Raises Concerns Despite £100m Levy Yield – Racing Post

The figure for the levy income in British racing has exceeded expectations, according to the annual report published by the board. Despite a decline in turnover in racing, bookmakers’ profits have increased, resulting in a small upgrade from the £99m indicative yield announced in May. This trend of falling turnover and higher bookmaker profits has continued into the current levy year.

Chief Executive Alan Delmonte stated that the levy income achieved was at the “top end of expectations.” The levy income is determined by a percentage of bookmakers’ gross profits on British racing. This positive result gives some optimism to the industry amid tighter regulation and speculation about the future of gambling companies like Entain and the Kindred Group.

In addition to the positive news about levy income, various issues and developments in the gambling industry have been highlighted. Ricky Sandler, a critic, has joined Entain’s board, fueling further speculation about the company’s future. There is also anticipation surrounding the potential impact of tighter regulation and takeover discussions on the industry in 2024.

Moreover, concerns have been raised about the potential impact of the new statutory levy on problem gambling charities. However, the Minister has moved to calm these fears and assure that the levy will not negatively affect these organizations. Amidst these developments, the Kindred Group has announced its plans to exit the North American market, drawing attention back to rumors of a potential sale.

While the gambling industry in Britain faces these challenges, a comparison with the Japanese betting market on horseracing highlights a stark contrast in approaches and outcomes.

Leave a Reply

Your email address will not be published. Required fields are marked *