British horse race has gotten a good start through the European Commission, which on Friday gave approval that is full the UK government’s reforms of the sport’s central funding system.
British activities minister Tracey Crouch thinks the new levy will make sure gambling reforms pay a fair return to guide horse racing, but the bookies argue they currently help 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.
Beneath the previous system, which has been doing existence since 1961, only betting businesses based in the UK were required to contribute to funding, nevertheless now the levy will affect all companies that offer bets on British racing, including including on- and off-course bookmakers, betting exchanges and spread betting companies.
The vast majority of betting websites, even those owned by British household-name brands like Ladbrokes and William Hill, are based overseas.
‘This move will assist secure the future of horse racing in Britain by making certain that gambling businesses pay a return that is fair support the game,’ said sports minister Tracey Crouch, whose department is behind the reforms.
‘Horse racing has a heritage that is strong this country, employing a large number of individuals and is enjoyed by many almost every time of the season. This n Continue reading “UK Horse Racing Levy Reforms Clear Final Hurdle”