Prize money in 1998 hit a new record for British racing at more than
£63.6 million, the BHB announced today.
Total prize money last year was £63,658,676, an increase of 5.7% on the 1997 figure. This was achieved in spite of a reduction in the contribution from the Levy Board.
The announcement of record prize money comes as a boost in the drive for self-help measures to improve the finances of British racing. Self-help is a significant element in the BHB’s Financial Plan for British Racing, alongside the need for a much higher percentage of betting turnover to be returned to racing.
The 1998 increase in prize money was mainly due to a rise of 12.1% (£2,561,285) in the contribution made by racecourses, either from their own resources or from enhanced sponsorship revenue.
BHB Chief Executive, Tristram Ricketts, said: “”The announcement of record prize money is very heartening news, especially at a time when the Levy Board’s contribution dropped to just over 45% of the total, down 5% in two years. Racecourses are to be congratulated on the continuing significant improvement in executive contributions, while sponsorship again showed a very welcome rise.
“”However, the overall level of prize money remains well below that identified in the BHB’s Financial Plan as necessary, if we are to be internationally competitive and give owners an adequate return on their investment. This can only be achieved by a significant increase in the percentage of betting turnover returned to Racing. The BHB will be pressing, and pressing hard for this in the forthcoming levy negotiations, which look likely to be conducted against a backcloth of very full prices being paid for bookmaking businesses and high levels of profitability generally””.
Analysis of Flat/Jump Prize Money Pools
Prize Money Statistics 1997
Flat Jump TOTAL
Exec/Spon 14,951,478 6,207,710 21,159,188
HBLB 17,177,185 11,827,415 29,004,600
Owner 7,173,490 2,412,333 9,585,823
Div Fund 371,034 96,785 467,819
TOTAL 39,673,187 20,544,243 60,217,430
Prize Money Statistics 1998
Flat Jump TOTAL
Exec/Spon 16,704,882 7,015,591 23,720,473
HBLB 17,224,403 11,676,444 28,900,847
Owner 8,018,036 2,521,507 10,539,543
Div Fund 389,238 108,575 497,813
TOTAL 42,336,559 21,322,117 63,658,676
Prize Money Breakdown – FLAT Prize Money Breakdown – FLAT
HBLB 43.3% HBLB 40.7%
Exe/Spon 37.7% Exe/Spon 39.5%
Owner 18.1% Owner 18.9%
Div Fund 0.9% Div Fund 0.9%
Prize Money Breakdown – JUMP Prize Money Breakdown – JUMP
HBLB 57.6% HBLB 54.8%
Exe/Spon 30.2% Exe/Spon 32.9%
Owner 11.7% Owner 11.8%
Div Fund 0.5% Div Fund 0.5%
Prize Money Breakdown – TOTAL Prize Money Breakdown – JUMP
HBLB 48.2% HBLB 45.4%
Exe/Spon 35.1% Exe/Spon 37.3%
Owner 15.9% Owner 16.6%
Div Fund 0.8% Div Fund 0.8%