Uk horse race has gotten a good start from the European Commission, which on Friday gave approval that is full the UK government’s reforms of this sport’s main funding system.
UK sports 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.
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 previous system, which has been doing existence since 1961, only betting businesses based in the UK were required to contribute to funding, however now the levy will affect all companies that offer bets on British racing, including including on- and off-course bookmakers, betting exchanges and spread betting organizations.
The vast majority of betting websites, also those owned by British household-name brands like Ladbrokes and William Hill, are based offshore.
‘This move will help secure the future of horse racing in Britain by making sure that gambling firms pay a fair come back to support the activity,’ said sports minister Tracey Crouch, whose department is behind the reforms.
‘Horse racing possesses strong history in this country, employing 1000s of individuals and is enjoyed by many virtually every day of the year. This new way of the Horserace Betting Le (more…)