new Horserace Betting Levy: British racing welcomes the confirmation from Tracey Crouch MP, Minister for Sport, Tourism and Heritage, that the existing Horserace Betting Levy will be replaced with a new system that will capture all betting on the sport from April 2017.
The Levy replacement will be charged at a rate of 10% on a betting operator’s gross profits on British racing and will provide a multi-million pound boost to the UK’s second largest sport.
Nick Rust, Chief Executive of the BHA, said: “I welcome the announcement from Government regarding the implementation of the Levy replacement which will restore to racing a return from all betting on our sport at a fair and proportionate rate. This is critical to the future health of British racing.”
“Once the new system is implemented in April 2017, we will see a significant uplift in the sport’s central funding that will benefit our participants and the many local communities which racing supports across all corners of the country.
“Everyone in British racing would like to extend their thanks to the Minister for Sport, Tourism and Heritage, Tracey Crouch MP, and her dedicated team at the Department for Culture, Media and Sport.
“British racing is committed to working closely with our partners in the British betting industry to make a success of this new environment, and grow what is the most natural, exciting betting product to the future advantage of both our industries and the wider economy.”