The British Horseracing Authority's chief executive Nic Coward has today reiterated his frustration that bookmakers are not paying enough back to the sport.

According to a major economic impact study, produced for the BHA by the Sports Business Group at Deloitte, racing's return from betting is up to eight times lower than other major racing nations which include Japan, France and the United States.

And Coward has once again stressed the need for an alternative to the "broken" Levy system, which determines the amount that bookmakers and exchanges have to pay for the product.

He said: "Deloitte's study reiterates that British horseracing, as the second biggest sporting activity in Britain after football, is a significant contributor to the leisure, agricultural and rural economies.

"It also highlights the disparity regarding the returns to the sport from betting compared to other major racing nations.

"If further demonstration of our broken system was needed, we have the second highest betting turnover of the major racing nations yet the lowest return by far from the betting industry to our sport.

"British racing's economic impact was over £3.7billion last year and over five years has generated over £1.5bn in tax.

"Our sport is of enormous value to Britain and racing must ensure our standing and importance within Britain can be maintained."

The report, unveiled at a press conference in London, shows that Britain was second only to Japan in the total amount bet on racing last year, with £12.1bn wagered compared to just under £14bn in Japan.

But the return to Japanese racing was 5.3 per cent of the amount wagered compared to the one per cent that British racing receives.

However, bookmakers remain non-plussed by the findings. William Hill spokesman David Hood said: "There is nothing new in the report.

"Racing needs to stop holding out the begging bowl just because they can't come up with any solutions to replacing the Levy."