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

4 July 2012

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

It will give 10.75% of all incomes on the sport taken from its UK clients.

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

In return, the sport has promised a minimum variety of fixtures per year and to increase betting opportunities.

The agreement will replace Betfair's current annual voluntary Horserace Betting Levy payments.

Most significant wagering companies, consisting of Betfair, now run their online operations outside the UK and are responsible to pay tax and horserace levy only on organization done within the nation - instead of on their total worldwide operations.

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

The new contract will replace this promotion code previous ad-hoc arrangement and will work from the 51st Levy Scheme, which covers the 2012-13 racing season.

"We are happy that we have been able to reach an agreement with Betfair, one which represents a landmark for both the racing and betting markets," said Paul Bittar, chief executive of the BHA.

"It brings numerous advantages, including significant and increased guaranteed financing, in addition to importantly supplying certainty for the yohaig code sport in relation to Betfair's contribution."

The Horserace Betting Levy, a significant source of moneying to the sport, has been gradually reducing over the years with the yohaig code relocations offshore by wagering firms.

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

Betfair's chief legal and regulatory officer Martin Cruddace dubbed the deal "historical" and also contacted other betting firms to "adopt comparable contracts to help make sure a strong, healthy and lively horseracing industry in this promotion code country".

British Horseracing