UK Horse Racing Levy Reforms Clear Final Hurdle

UK Horse Racing Levy Reforms Clear Final Hurdle

British horse racing has received a boost from the European Commission, which on Friday gave approval that is full the UK government’s reforms associated with sport’s main funding system.

UK activities minister Tracey Crouch thinks the levy that is new make sure gambling reforms pay a fair return to aid horse racing, but the bookies argue they currently support it through sponsorship deals.

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

Under the system that is previous which has been around existence since 1961, only betting firms based in britain had been required to contribute to funding, but now the levy will apply to all companies that offer bets 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 help secure the future of horse racing in Britain by making yes that gambling companies pay a fair return to support the activity,’ said sports minister Tracey Crouch, whose division is behind the reforms.

‘Horse racing features a strong heritage in this country, using 1000s of people and it is enjoyed by many nearly every time of the entire year. This new way of the Horserace Bet Continue reading