20th of March 2015 Author: Glo Wood
In a UK budget speech this week, Chancellor of the Exchequer George Osborne said the government supports the replacement of Britain's Horserace betting levy with a Horserace Betting Right (HBR).
The BHR will replace the 1963 Horserace Betting Levy and all bookmakers accepting bets from British punters on British races will feel the effects of the HBR.
British Horseracing Authority's (BHA) chief executive Nick Rust issued a statement saying:
'Today's announcement is a welcome and tremendous boost for the tens of thousands of people across the country that derive their livelihoods from our sport.
"The Government, the Minister for Sport and Tourism Helen Grant MP and politicians from the major parties all recognise the importance of a fair and sustainable funding mechanism for British Racing.
"British Racing - its governing body, racecourses and horsemen - has a collective desire for a modern and direct relationship with the betting industry, and believes that a Racing Right is the best solution to achieve this, and to secure the long-term prosperity of our sport and those within it.
"We are still in the situation whereby the vast majority of bets placed by punters outside of betting shops are making no contribution to the central finances of the sport. This is unsustainable, and there is recognition that this needs to change.
"We are extremely grateful in particular for the support of Helen Grant MP and Matt Hancock MP to help us reach this stage, as well as to all of those across the industry who submitted letters of support during the consultation period.
"The hard work will continue, throughout the forthcoming General Election campaign and beyond, and with the betting industry, as we look to have a Racing Right introduced as soon as is possible.
"We remain committed to ensuring that a Racing Right works for all parties, and provides the right platform for the racing and betting industries to flourish together."
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