UK Horse Racing Levy Reforms Clear Final Hurdle

UK Horse Racing Levy Reforms Clear Final Hurdle

British horse race has gotten a boost through the European Commission, which on Friday gave full approval on the UK government’s reforms of the sport’s main funding system.

British sports minister Tracey Crouch believes the new levy will make sure gambling reforms pay a fair return to support horse race, but the bookies argue they already help it through sponsorship deals.

Under the newest system, all bookmakers will likely be required to pay for a ten per cent levy on all gross earnings produced from betting on British horse racing above a $500,000 ($640,000) threshold.

Beneath the previous system, which has been around existence since 1961, just betting organizations based in the UK were required to contribute to funding, however now the levy will apply to all companies that offer wagers on British racing, including including on- and off-course bookmakers, betting exchanges and spread betting companies.

The vast majority of gambling websites, even those owned by Uk household-name brands like Ladbrokes and William Hill, are based offshore.

‘This move will help secure the future of horse racing in Britain by making sure that gambling organizations pay a reasonable come back to support the sport,’ said sports minister Tracey Crouch, whose division is behind the reforms.

‘Horse racing includes a strong heritage in this country, using a huge number of individuals and it is enjoyed by many virtually every time of the year. This ap Continue reading “UK Horse Racing Levy Reforms Clear Final Hurdle”