Lord Risby
Main Page: Lord Risby (Conservative - Life peer)
Lord Risby (Con)
My Lords, I recently became a government-appointed director of the Horserace Betting Levy Board, which has acted as a bridge between betting and racing interests. At times these relationships have been positive and at other times very much less so. It is also my privilege and pleasure to have represented Newmarket in another place, so my interest in all this is very long-standing. However, inevitably, there have been problems for both sides and for the Government in the growth of online betting, a substantial amount of which has been taking place offshore. The traditional betting shop has become less and less profitable—and, of course, there is much greater diversity in betting opportunities. For the Government, at times having to make a levy determination is inappropriate and most unwelcome. For racing, the issue of prize money, relative to the costs of racehorse ownership, remains a source of concern. As a former part-owner, I am acutely aware of this.
The levy board collects levy contributions only on bookmakers located in Great Britain and only on profits generated here. Offshore betting has inevitably reduced the ability of the levy board to pass on resources, and it is very important that in future education and training, veterinary research and other aspects of equine life are to have continuing support. Thus reform affords an opportunity to deal with two key issues—first, to create a structure that will, one hopes, minimise any further disagreement between the two sides and remove direct government involvement. We shall know shortly what data and analysis have been deployed for this new architecture, provided by Frontier Economics. Could the Minister update the House on when that work is likely to be forthcoming?
Additionally, and importantly, I applaud the assurances from all sides that they will work with the Government to develop the details of the new proposed funding system, to broker a deal in practice to their mutual benefit. I look forward to further comments and details about this from my noble friend the Minister. Horseracing gives pleasure to millions; we have the finest racing industry in the world, and the creation of a new structure to maximise its attractiveness and sustainability is to be clearly welcomed. I wish the Minister well in bringing the process now under way to a satisfactory conclusion.