BHA hails the end of a long road
The British Horserace Betting Levy has taken effect today in which British horse racing will benefit from a statutory return from all betting on British racing.
Proceeds from the Levy obligation will be focused on growing British racing at a grass roots level as well as supporting integrity, equine welfare, veterinary science and the mental and physical wellbeing of the sport’s participants, a statement from the British Horseracing Association (BHA) detailed.
Hailed as an important milestone, the implementation is one of a number of key enablers required to ensure the long term-health and growth of Britain’s second biggest spectator sport which supports more than 85,000 jobs, the BHA said.
From 25 April 2017, all betting operators – whether they operate on or off-course, on or offline or on or offshore – will pay 10 percent of their profits from British customers to British racing.
The new Levy will now capture online betting which the BHA estimates accounts for over 50 percent of all betting on the sport.
Nick Rust, Chief Executive of the British Horseracing Authority, said:
“Today is a very important day for British racing as the new Levy will make a significant contribution to securing the long term health and growth of our sport. While there remains much more to do in this regard, the levy replacement in itself is a huge achievement, and one that could not have been achieved without the determination and leadership demonstrated by Tracey Crouch MP and her team of dedicated officials at the Department for Culture, Media and Sport. Everyone in British racing owes thanks to her, and to the many supporters of our sport across and outside Westminster. We will be issuing further thanks to a number of key individuals over coming days.
“The new Levy is the clearest sign yet of the success which British racing can achieve when we work together. I would like to thank everyone in British racing who has helped deliver this, and to say a specific thank you to my Chairman, Steve Harman, who has worked tirelessly behind the scenes in representing our sport so effectively on this issue which is one of the sport’s key enablers for growth.
“British racing is keen to move forward with the betting industry to ensure that the sport enhances its position as a high-quality, attractive betting product.”
The Horserace Betting Levy Board announcement can be read here: http://www.hblb.org.uk/release/643
Legislatory information for bookmakers can be read here: http://www.hblb.org.uk/page/114