Uk horse race has received a lift from the European Commission, which on Friday gave full approval on the UK government’s reforms associated with the sport’s central funding system.
British sports minister Tracey Crouch believes the levy that is new ensure gambling reforms pay a fair return to guide horse race, but the bookies argue they currently support it through sponsorship deals.
All bookmakers will be required to pay a ten percent levy on all gross profits derived from betting on British horse racing above a $500,000 ($640,000) threshold under the new system.
Under the previous system, which has been doing existence since 1961, only betting businesses based in the UK had been 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 majority that is vast of websites, also those owned by British household-name brands like Ladbrokes and William Hill, are based overseas.
‘This move will assist secure the future of horse racing in Britain by making sure that gambling businesses pay a return that is fair support the activity,’ said sports minister Tracey Crouch, whose department is behind the reforms.
‘Horse racing includes a strong history in this country, employing tens of thousands of individuals and is enjoyed by many virtually every day of the entire year. Continue reading