UK Horse Racing Levy Reforms Clear Final Hurdle

UK Horse Racing Levy Reforms Clear Final Hurdle

British horse racing has gotten a lift from the European Commission, which on Friday gave approval that is full the UK government’s reforms regarding the sport’s central funding system.

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

Under this new system, all bookmakers are going to be needed to cover a ten per cent levy on all gross profits produced from betting on British horse racing above a $500,000 ($640,000) threshold.

Underneath the system that is previous which has been doing existence since 1961, only betting companies based in the UK had been required to contribute to funding, but 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 organizations.

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 companies pay a fair go back to support the game,’ said sports minister Tracey Crouch, whose department is behind the reforms.

‘Horse racing includes a heritage that is strong this country, employing thousands of people and it is enjoyed by many nearly every time of Read more „UK Horse Racing Levy Reforms Clear Final Hurdle”