British Racing Levy Reforms Take Effect Today

As a result of the boom in online betting. annual levies declined from around £100 million in the decade to less than £50m and now under the new system, all betting operators will have to contribute to the British racing’s funds whether they are based offshore or not.

The fee will be 10% of gross profits above a £500,000 threshold. With this loophole now closed, the estimated missing income of between £30-£40m per year will be put back into the racing coffers. As the Levy Board has had to dip into its reserves and has spent more than it has been getting, not all this amount will be immediately available.

The areas that will be targeted with the increase in levies will go towards prize money for the grassroots and middle sections of the sport as well as towards the welfare of both the horses and human participants.

Recent Posts and Southampton extend their partnership

Southampton Football Club have announced the extension of its partnership with the Coingaming Group as Main Club Partner. With the…

5 days ago

Wyoming passes House Bill 133, allowing online sports betting and becomes first state to allow cryptocurrency to fund accounts

This week, Wyoming passed a House Bill that would legalize online sports betting in the state and it joined a…

1 week ago

Media powerhouse David Levy appointed Chairman at Genius Sports

Genius Sports has appointed sports industry pioneer David Levy as its new Chairman. In his new role, Levy will lead…

4 weeks ago

Unibet offering Gamban self exclusion tool to its US players

In a press release this morning, Kindred Group announced that it has partnered with Gamban to offer Unibet’s US customers…

1 month ago

UK announces reopening of betting shops; BGC lobby to delay Grand National

With the UK government announcing their roadmap towards ending its restrictions by end of June gradual reopening of businesses. English betting…

2 months ago

Betway to enter US Market

Digital Gaming Corporation (DGC) and Betway have partnered up in an order to set their first steps together in the…

2 months ago