“The British Horseracing Board today dismissed as weak, unresearched, inaccurate and misrepresentative a critique written for the betting industry of its Financial Plan for British Racing.
In a strong and comprehensive response to Coopers & Lybrand’s critique for the Betting Office Licensees’ Association, BHB highlights the areas where the authors have misquoted or misrepresented what the Plan says and takes them to task for ignoring key points.
In this context, BHB highlights the absence of any comment on the arguments for a rebalancing of the division of horserace betting turnover; on the low percentage of betting turnover received by Racing and the fact that Racing is financed too heavily by owners and insufficiently by the betting industry; on the high overhead cost of the off-course betting distribution system; and on Britain’s low positioning in many charts of international comparisons.
Commenting further on BHB’s detailed and closely-argued response, which was submitted to Government in July, BHB Chairman Peter Savill said:
“”The betting industry has failed miserably in its attempt to discredit a Plan which would bring widespread benefits to Racing, Government and the betting industry itself. In writing a report full of statistical and factual errors and unsubstantiated opinions, the authors have demonstrated their complete unfamiliarity with Racing and a clear failure to understand the fundamentals of the Plan.””
Note to editors:
Coopers & Lybrand’s critique for BOLA was published in June 1998. BHB’s response, published today, was sent to Ministers and senior Home Office, Treasury and Customs & Excise officials on 28th July. BHB has been engaged in positive, ongoing dialogue with Government since the publication of the Financial Plan for British Racing in January 1998.