Racing: BHA announce prize-money fillip

An overall prize-money boost of £5million has been announced by the British Horseracing Authority after deciding how to use the additional voluntary contribution made by bookmakers.

A £4.5m contribution from William Hill, Ladbrokes, Coral and Betfred, along with a £500,000 payment from the Levy Board, will be used to try to help deliver a more competitive British racing product and achieve growth in the levy.

This newly-created incentive fund was agreed as part of the 53rd levy scheme and was on top of their statutory payments, which also offered guaranteed minimum levy contributions.

The funds from the scheme will be utilised as of December 1 and will cover a 13-month period.

BHA chief executive Paul Bittar said: "It is essential for the long-term prosperity of the sport that the racing product which we deliver is attractive to both domestic and international customers.

"It is for this reason that we recently announced a series of race-planning initiatives to tackle the issue of small-field races, and why it was agreed from the outset between racing and betting that this was the correct use for the AVC (Additional Voluntary Contribution) Fund. We are thankful to the four firms for their commitment in this regard.

"Racing and betting are symbiotic industries, and at the heart of this agreement was the philosophy that we are better off aligning our efforts to make the racing product more compelling and competitive, year round.

"We hope that this targeted investment ensures the contribution to this scheme by the four bookmakers generates returns to the racing and betting industry which outweigh the level of investment."

Extended provision of prize-money and a series of enhanced prize-money races on a Sunday are the mechanisms chosen to distribute the fund.

Bittar said: "The process of developing and agreeing the mechanisms for the use of the fund has been a lengthy and complex one, involving consultation across the racing industry and extensive discussions with the bookmakers and the Levy Board.

"However the agreed solution has been achieved with support and buy-in from all parties as the best use for the AVC Fund."