how money is raised by horse racing betting levy?

Question

horse racing betting levy is a regulatory body, that has been established with the aim to improve sports of horse racing. Can you help me know, how money is raised by horse racing betting levy?

Answer 1

The HBLB raises money by collecting a statutory levy from off-course betting on British horseracing, the Tote, and on-course bookmakers. Off-course betting includes bets placed at Licensed Betting Offices, spread betting firms and bet broking operations, including Betting Exchanges. The levy on off-course bets represents the greatest proportion of the HBLB's income. Levy is collected from bookmakers as a percentage of their gross profits on British horserace betting business. The majority of levy income is expended in direct support of horseracing