Uk Sports Minister Reveals New Horse Race Levy Rate

Crouch tells industry meeting that she intends to set a rate of ten percent of gross profits for both retail and online bookmakers

British government sports minister Tracey Crouch has revealed to a horse racing industry meeting that she intends to set a rate of 10 percent of gross profits for both retail and online bookmakers under the new levy replacement system.
The new levy system was announced by the government in March this year and is set for implementation in April next year. It is lower than the current 10.75 percent paid by High Street bookmakers, and is likely to yield around GBP 90 million for the horse racing industry, just short of the GBP 100 million it requested.
Setting a rate will enable the formal process of acquiring approval under European state aid rules to begin, say observers.
The levy has delivered declining amounts for horseracing in recent years, dropping from GBP99.3 million in 2005-6 to GBP54.5 million in 2015-16 as offshore online gambling operators absorbed more and more of the market.
Minister Crouch is due to meet racing industry representatives at the Department for Culture, Media and Sport separately on Wednesday; the industry has until November 4 this year to make final representations to government on the issue.

Online Casino News Courtesy of Infopowa

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Casinomeister

Casinomeister

The man with the plan here at Casinomeister. Bryan Bailey has been running Casinomeister since its launch in June of 1998. He has watched the industry grow from its primeval stage to what it is now. The Meister has attended nearly 100 conferences in the past 20 years and has either been a speaker or a panel moderator for at least 60 events. He has always been an advocate of fairness and reason and is known to like German beer, a good Scotch, and astrophography.

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