British Racing And Betfair Sign ₤ 40m Commercial Deal
British Racing and Betfair sign ₤ 40m industrial deal
4 July 2012
Online wagering exchange Betfair has actually signed a handle British horse racing organisers, assuring a minimum ₤ 40m of funding over the next 5 years.
It will give 10.75% of all incomes on the sport taken from its UK consumers.
It follows conferences with industry bodies the British Horseracing Authority, the Racecourse Association and Horsemen's Group.
In return, the sport has vowed a minimum number of components annually and to increase betting chances.
The arrangement will change 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 accountable to pay tax and horserace levy just on company done within the country - instead of on their overall worldwide operations.
However, previously Betfair has voluntarily paid the UK horse racing levy as though it were still British-based.
The brand-new arrangement will replace this previous ad-hoc arrangement and will work from the 51st Levy Scheme, which covers the 2012-13 racing season.
"We are pleased that we have actually been able to reach a contract with Betfair, one which represents a landmark for both the racing and wagering markets," said Paul Bittar, president of the BHA.
"It brings lots of benefits, including significant and increased guaranteed financing, in addition to notably supplying certainty for the sport in relation to Betfair's contribution."
The Horserace Betting Levy, a major source of funding to the sport, has actually been gradually decreasing over the years with the relocations offshore by wagering companies.
And Mr Bittar said he hoped similar plans to the Betfair one could now be concluded with other betting operators.
British Racing and Betfair sign ₤ 40m industrial deal
4 July 2012
Online wagering exchange Betfair has actually signed a handle British horse racing organisers, assuring a minimum ₤ 40m of funding over the next 5 years.
It will give 10.75% of all incomes on the sport taken from its UK consumers.
It follows conferences with industry bodies the British Horseracing Authority, the Racecourse Association and Horsemen's Group.
In return, the sport has vowed a minimum number of components annually and to increase betting chances.
The arrangement will change 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 accountable to pay tax and horserace levy just on company done within the country - instead of on their overall worldwide operations.
However, previously Betfair has voluntarily paid the UK horse racing levy as though it were still British-based.
The brand-new arrangement will replace this previous ad-hoc arrangement and will work from the 51st Levy Scheme, which covers the 2012-13 racing season.
"We are pleased that we have actually been able to reach a contract with Betfair, one which represents a landmark for both the racing and wagering markets," said Paul Bittar, president of the BHA.
"It brings lots of benefits, including significant and increased guaranteed financing, in addition to notably supplying certainty for the sport in relation to Betfair's contribution."
The Horserace Betting Levy, a major source of funding to the sport, has actually been gradually decreasing over the years with the relocations offshore by wagering companies.
And Mr Bittar said he hoped similar plans to the Betfair one could now be concluded with other betting operators.