UK Horse Racing Levy Reforms Clear Final Hurdle

UK Horse Racing Levy Reforms Clear Final Hurdle

British horse race has received a good start through the European Commission, which on Friday gave approval that is full the UK government’s reforms regarding the sport’s central funding system.

British recreations minister Tracey Crouch thinks the levy that is new ensure gambling reforms pay a fair return to support horse race, but the bookies argue they currently help 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.

Beneath the system that is previous which has been doing existence since 1961, only betting businesses based in the UK were required to contribute to funding, nevertheless now the levy will connect with 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 Uk household-name brands like Ladbrokes and William Hill, are based overseas.

‘This move will help secure the future of horse racing in Britain by making certain that gambling firms 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 heritage in this country, employing tens of thousands of individuals and is enjoyed by many nearly every day of […]