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British Racing and Betfair indication ₤ 40m commercial bet9ja's welcome offer

4 July 2012

Online betting exchange Betfair has signed a deal with British horse racing organisers, guaranteeing a minimum ₤ 40m of funding over the next 5 years.

It will bet9ja's welcome offer 10.75% of all earnings on the sport drawn from its UK clients.

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

In return, the sport has pledged a minimum of fixtures each year and to maximise betting chances.

The arrangement will replace Betfair's existing annual voluntary Horserace Betting Levy payments.

Most significant wagering firms, including Betfair, now run their online operations outside the UK and are liable to pay tax and horserace levy only on business done within the country - 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 brand-new agreement will change this promotion code previous ad-hoc contract and will take result 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 wagering industries," said Paul Bittar, chief executive of the yohaig code BHA.

"It brings numerous advantages, including significant and increased guaranteed funding, along with notably providing certainty for the sport in relation to Betfair's contribution."

The Horserace Betting Levy, a major source of funding to the sport, has been slowly lessening over the years with the relocations offshore by betting firms.

And Mr Bittar stated he hoped comparable arrangements to the Betfair one could now be concluded with other betting operators.

Betfair's chief legal and regulatory officer Martin Cruddace called the yohaig code bet9ja's welcome offer "historical" and likewise gotten in touch with other wagering companies to "adopt comparable contracts to help ensure a strong, healthy and lively horseracing industry in this promotion code nation".

British Horseracing