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British prize money to exceed £123 million in 2014 Prize money in Britain is expected to exceed £123 million in 2014, an increase of more than £10 million from this year. The increase is attributed to prize money agreements with racecourses, arrangements with major bookmakers and a new Levy deal. "This increase is evidence of the benefits of stronger collaboration amongst racing's key stakeholders, together with a more constructive approach to working with the betting industry," British Horseracing Authority (BHA) Chief Executive Paul Bittar declared about the forecasted increase. "The two main developments contributing to the increase have been the securing of Prize Money Agreements or commitments from racecourses, and the terms of the recent Levy deal and four-year arrangement with the major bookmakers. "A critical point that should not be overlooked is the increased stability that these deals provide, particularly in light of the £16 million drop in prize money between 2009 and 2011 that followed a significant reduction in Levy." Bittar noted that the new four-year Levy agreement, combined with the commercial Betfair agreement struck last year, exceeds the amount that can be collected under current legislation. "While we will continue to pursue legislative change, the arrangement with major betting operators is significant; a conclusion that could not have been reached without the support of the Levy Board, and we are grateful for their role in the process." "We still have a long way to go to match our international competitors in terms of prize money, but the financial model of British racing is unique," he added. "To have achieved a new record in prize money against a backdrop of an out-of-date central funding mechanism is encouraging, and we are determined to continue to work together with our stakeholders to further increase the sport's value." Bet Horseracing Free Online at TwinSpires.com
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