British horse racing has gotten a good start from the European Commission, which on Friday gave full approval on the UK government’s reforms of the sport’s central funding system.
UK activities minister Tracey Crouch thinks the levy that is new make sure gambling reforms pay a fair return to guide horse race, but the bookies argue they currently support it through sponsorship deals.
All bookmakers will be required to pay a ten percent levy on all gross profits derived from betting on British horse racing above a $500,000 ($640,000) threshold under the new system.
Underneath the system that is previous which has been around existence since 1961, only betting companies based in the UK had been required to contribute to funding, but now the levy will connect with all companies that offer bets on British racing, including including on- and off-course bookmakers, betting exchanges and spread betting organizations.
The vast majority of wagering websites, even those owned by British household-name brands like Ladbrokes and William Hill, are based overseas.
‘This move will help secure the future of horse racing in Britain by making yes that gambling firms pay a return that is fair support the activity,’ said sports minister Tracey Crouch, whose division is behind the reforms.
‘Horse racing possesses heritage that is strong this country, using several thousand people and it is enjoyed by many almost every time of the year. This new way Læs videre “UK Horse Racing Levy Reforms Clear Final Hurdle”