British Racing and Betfair indication ₤ 40m commercial deal

4 July 2012

Online betting exchange Betfair has signed an bet9ja's welcome offer with British horse racing organisers, promising a minimum ₤ 40m of financing over the next five years.

It will give 10.75% of all profits on the sport taken from its UK consumers.

It comes after meetings with market bodies the British Horseracing Authority, the Racecourse Association and Horsemen's Group.

In return, the sport has actually promised a minimum variety of components annually and to increase betting opportunities.

The agreement will replace Betfair's present yearly voluntary Horserace Betting Levy payments.

Most major wagering firms, consisting of Betfair, now run their online operations outside the UK and are responsible to pay tax and horserace levy only on business done within the country - instead of on their total international operations.

However, up until now Betfair has actually willingly paid the UK horse racing levy as though it were still British-based.

the yohaig code brand-new agreement will change this previous ad-hoc arrangement and will take impact from the 51st Levy Scheme, which covers the 2012-13 racing season.

"We are happy that we have actually been able to reach an agreement with Betfair, one which represents a landmark for both the racing and betting markets," stated Paul Bittar, president of the BHA.

"It brings lots of advantages, consisting of significant and increased guaranteed financing, as well as importantly offering certainty for the sport in relation to Betfair's contribution."

The Horserace Betting Levy, a significant source of moneying to the sport, has been gradually lessening over the years with the relocations offshore by betting companies.

And Mr Bittar said he hoped similar arrangements to the Betfair one might now be concluded with other betting operators.

Betfair's primary legal and regulatory officer Martin Cruddace dubbed the bet9ja's welcome offer "historic" and also contacted other wagering companies to "adopt comparable arrangements to assist ensure a strong, healthy and dynamic horseracing market in this promotion code country".

British Horseracing