GBI Racing Demands 200 Million Shekels Compensation In Israel For Breach Of Contract

A British company, GBI Racing is demanding compensation worth 200 million shekels ($57 million) after the government banned the betting. The company operated as a government-franchise that allowed Israelis to bet on overseas horse racing.

The company firmly asked for significant compensation for ending its contract early during a hearing chaired by the director general, Shai Babad, at a hearing at the Finance Ministry. The treasury officials are prepared, to negotiate terms and talks, which is expected to be underway in the next few weeks.

In an attempt to crack down on betting, the legislative body of Israel, Knesset approved legislation that banned betting on horses. Eventually, prohibiting the ones run by the Council for Organised Sports Betting. All this has caused the issue as the contract between the company and government council end towards the August 2018.

Horse race betting became legal in 2012 in Israel but was categorized not different from the slot machines and other gambling and asked to ban it again. GBI challenging the notion said Israeli bettors have evolved with the increasing knowledge in gambling with average bet ranging from 35-45 shekels.

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