22nd of October 2015 Author: Glo Wood
The British Horseracing Association (BHA) has put a stop to the sponsorship of off-shore bookmakers that do not put into the British Horseracing Levy saying 'British racing is losing out on an estimated sum of at least GBP 30 million a year in Levy or equivalent payments by offshore firms'.
The decision, supported by Arena Racing Company (ARC) and Jockey Club Racecourses, will become effective as of January 1, 2016 leaving those bookmakers that have not paid an agreed amount in Levy contributions behind.
Those operators that do make contributions like 32Red, bet365 and Betfair will be classified as 'authorised betting operators'.
"British racing offers world-class sport, gives enjoyment to millions of people a year, employs over 85,000 people and contributes £3.4billion a year to the economy,' Nick Rust, chief executive of the British Horseracing Authority said.
"But we are underfunded and loopholes in the Horserace Betting Levy system, allowing the majority of betting operators to make no contribution from profits made on British racing through their digital businesses, continue to play a large part in that.
"We welcome the leading stance being taken by ARC and Jockey Club Racecourses. The concept of British racing working in a sustainable manner with betting operators is an important one. Every stakeholder in the sport must understand and take on their responsibly for the creation of the right structure to support the funding of our sport.
"This platform should help the government to complete its commitments to British racing to resolve the problems of the outdated Levy legislation with the introduction of a Racing Right to ensure a fair and equitable funding mechanism between the racing and betting industries."
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We all know how popular are the horse racings in Great Britain, it's multi million business there but obviously there are too many bookmakers involved and probably it's a tough job for BHA to control all of them. They have every right to stop sponsoring the non contributing bookmakers I think, at least till they pay the amounts they've agreed before.
The authorized companies are very important in this industry. This decision is a very important part of the safe betting. Everybody knows that bet365 and betfair are very reliable companies and horseracing as one of the most popular betting markets deserves the right to offer betting possibilities only on the best sites.
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