British Racing and Betfair sign ₤ 40m industrial bet9ja's welcome offer

4 July 2012

Online betting exchange Betfair has signed a handle British horse racing organisers, guaranteeing a minimum ₤ 40m of financing over the next five years.

It will provide 10.75% of all incomes on the sport taken from its UK consumers.

It follows meetings with industry bodies the British Horseracing Authority, the Racecourse Association and Horsemen's Group.

In return, the sport has promised a minimum variety of components annually and to maximise betting chances.

The contract will replace Betfair's present annual voluntary Horserace Betting Levy payments.

Most major wagering companies, including Betfair, now run their online operations outside the UK and are liable to pay tax and horserace levy just on organization done within the country - rather than on their overall global operations.

However, previously Betfair has actually voluntarily paid the UK horse racing levy as though it were still British-based.

The new arrangement will change this promotion code previous ad-hoc agreement and will take impact from the 51st Levy Scheme, which covers the 2012-13 racing season.

"We are thrilled that we have had the ability to reach an agreement with Betfair, one which represents a landmark for both the racing and betting markets," said Paul Bittar, president of the BHA.

"It brings lots of advantages, including significant and increased guaranteed financing, in addition to significantly supplying certainty for the sport in relation to Betfair's contribution."

The Horserace Betting Levy, a major source of moneying to the sport, has been gradually diminishing for many years with the moves offshore by wagering firms.

And Mr Bittar said he hoped similar plans to the Betfair one might now be concluded with other betting operators.

Betfair's primary legal and regulatory officer Martin Cruddace dubbed the deal "historic" and also contacted other wagering firms to "embrace comparable arrangements to assist make sure a strong, healthy and vibrant horseracing industry in this promotion code country".

British Horseracing