For the past 50 years, racing has been funded mainly by a tax paid on Bookmakers profits. Bookmakers levy when last negotiated was £141 million. It is now up for re-negotiation and Bookmakers are offering £50 million, but the BHA (British Horseracing Association) are looking for £111 million. This money is used for prize money and track maintenance amongst other things. Because an agreement cannot be made, talks have collapsed and the Secretary of State has had to step in to adjudicate. Bookmakers are saying that Horse Racing is far less important to them than it used to be. This is probably because betting shops are now more like amusement arcades, and with a guaranteed return on their arcade game earnings of 24%, Bookmakers aren’t as reliant on racing. This has to have a knock on effect on racing with such a large shortfall in levy, which will probably result in various meetings around the country being cancelled.