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What is Horserace Betting Levy Board mean?
The Horserace Betting Levy Board (HBLB), commonly abbreviated to the Levy Board, is a non-departmental public body of the Department for Digital, Culture, Media and Sport in the United Kingdom. It is a statutory body established by the Betting Levy Act 1961 and is now operating in accordance with the provisions of the Betting, Gaming and Lotteries Act 1963 (as amended).
Unlike some other non-departmental public bodies, the Levy Board receives no central Government grant-in-aid or National Lottery funding. Instead, it is required by the Act to collect a statutory levy from the horse racing business of bookmakers which it then distributes for the improvement of horse racing and breeds of horses and for the advancement of veterinary science and education.
In the year to 31 March 2020, levy yield was some £97m. The largest share of the levy is spent on race prize money, but it also provides funding for regulation and integrity services, racing and breeding industry training and education, projects for the benefit of the thoroughbred horse, loans to racecourses for capital projects and resources for various other activities pursuant to the organisation's statutory objectives.
referencePosted on 10 Dec 2024, this text provides information on Miscellaneous in Governmental related to Governmental. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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