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British Racing and Betfair indication ₤ 40m industrial deal

4 July 2012

Online betting exchange Betfair has signed an offer with British horse racing organisers, promising a minimum ₤ 40m of financing over the next 5 years.

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

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

In return, the yohaig code sport has actually promised a minimum variety of fixtures each year and to increase betting opportunities.

The contract will change Betfair's current annual voluntary Horserace Betting Levy payments.

Most major betting companies, including Betfair, now run their online operations outside the UK and are responsible to pay tax and horserace levy only on done within the country - rather than on their total international operations.

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

The brand-new agreement will replace this promotion code previous ad-hoc contract 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 wagering markets," stated Paul Bittar, president of the BHA.

"It brings many advantages, including considerable and increased ensured financing, as well as significantly offering certainty for the sport in relation to Betfair's contribution."

The Horserace Betting Levy, a major source of moneying to the sport, has been slowly decreasing throughout the years with the moves offshore by wagering companies.

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

Betfair's primary legal and regulatory officer Martin Cruddace dubbed the bet9ja's welcome offer "historic" and also called on other wagering firms to "embrace similar arrangements to assist ensure a strong, healthy and lively horseracing industry in this promotion code nation".

British Horseracing