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Category: The Levy

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Why a bookie-bashing Royal Ascot may add to racing’s money misery

Results at Cheltenham and the Grand National meeting have left a £17m shortfall in the sport’s finances and a good week for punters would be bad news for racingThere will be quite a few individuals at Royal Ascot this week for whom £17m is the rough eq…

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Talking Horses: Money rolling into racing from offshore betting

The success of the new regime in capturing bets from offshore bets placed online has exceeded expectations and the Levy will net over £90mAn announcement by the British Horseracing Authority this morning confirms that the structure of the new Racing Au…

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Horse racing and betting industries representatives pledge to work together

• Key figures respond to government’s weekend levy announcement
• Ladbrokes PR director sounds conciliatory note over future plans

Representatives of horse racing and betting have suggested the two industries must make renewed efforts at working together, following the government’s decision about a levy replacement scheme, announced on Saturday. The sports minister, Tracey Crouch, ruled that betting operators should pay 10% of their gross racing profits to the sport, which will bring to an end the hotly debated Authorised Betting Partners initiative and leave the two sides with significantly less scope for dispute.

Racing officials expect the new regime will increase the sport’s income by as much as £30m per year on recent years, now that online betting with offshore firms is to be captured. But they hope the benefit may outstrip even such an impressive figure by restoring certainty of income, allowing for planned, long-term investment and instilling confidence in potential investors.

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Government announces long-awaited levy reform boost for racing

• New deal will net the sport 10% of bookies’ profits above £0.5m
• April start planned for scheme which will replace system from 1961

British racing has moved significantly closer to a stable, long-term funding regime after Tracey Crouch MP, the sports minister, confirmed on Friday that all betting operators, including online firms based offshore, will be required to return 10% of their gross profits from racing bets back to the sport from April this year.

As a result, racing can expect to receive about £90m per year in direct income from betting for at least the next seven years, and see an end to the almost annual disputes with bookmakers over a “fair” return from betting which have been a feature of the previous Levy system since its introduction in 1961.

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